Downgrades …16,17,18,19 -Moody’s Credit Rating Condemns Barbados Bonds to the Ultra-High Yield Club

We have had experts and commentators from Barbados and afar opined that the battery of credit rating downgrades levied on Barbados by the international credit agencies will add to our economic woes. Fighting to defend our peg to the US dollar becomes harder because running hard deficits as a net importer translates to pressure on the foreign reserves.

Barbadians everywhere EXCEPT yardfowls and Prime Minister Stuart believe there is no reason to be concerned. If one surveys the graph above  it is obvious Barbados bondholders are very concerned. Surely the conversation will now move to flight of capital.

Will somebody tell the prime minister to shut the hell up?

 

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267 Comments on “Downgrades …16,17,18,19 -Moody’s Credit Rating Condemns Barbados Bonds to the Ultra-High Yield Club”

  1. Prodigal Son March 11, 2017 at 8:39 PM #

    Excellent March and rally! Tek that George Pilgrim!

    Like

  2. Bush Tea March 11, 2017 at 8:41 PM #

    @ CCC
    This blog is just as I remember it.
    +++++++++++++++++++++++++++
    No its isn’t.
    Surely you remember Georgie Porgie…..
    He is away for a while – probably in a Trump detention camp….
    Enjoy yourself …until they deport him to Bim…

    Like

  3. Carson C. Cadogan March 11, 2017 at 8:55 PM #

    “Excellent March and rally!”

    Prodigal son your Barbados Labour Party didnt get value for the $100,000 which you all spent.

    Everything MIA AMOR MOTTLEY does falls flat on its face.

    Like

  4. are-we-there-yet March 11, 2017 at 8:56 PM #

    I was there. The police estimate of 9,000 plus for the crowd size seems to be reasonable to me and was really a very good crowd given the fact of many competing activities at the time. The crowd was a diverse one with practically all population groups well represented; old, young, black, white, fit, infirm, locals, other caribbean people, foreigners, etc. etc. What was a little surprising to me was the quite significant number of young people who attended the march and stayed on for the “rally” afterwards. I left fairly early but was very impressed by the stirring quality of the speech of a young man who spoke around 7: o’ clock. Seemed like a voice for the future. The St Andrew rep gave a speech that was saved from borderline mediocrity by some clear admonitions to OSA which seemed to be suggesting that he is firmly in the Mia camp.

    All in all, a reasonable start to the campaign to wrest power from the Stuart incompetents. When the campaign starts in earnest I would expect that the energy levels of the crowd and speakers will be raised a few notches.

    But, as I said, I left early before Mia and the other top speakers had spoken so it is likely that they will add some energy to the proceedings.

    I did not overhear even one sentiment from anyone in the crowd, that could be interpreted as being favourable to the DLP’s performance or strategies.

    Like

  5. Tron March 11, 2017 at 8:57 PM #

    Exclaimer,

    Thank you for reminding us. The Credit Suisse loan was the deal of the century for Credit Suisse. They got the money for 0 % and sold it for an interest rate climbing with every downgrade.

    And I read “IMF conditionality”. Hence, we already serve the IMF since 2013. So Big Sink is right: No new IMF austerity for this Royal Island. The IMF is already on this island.

    Like

  6. Crusoe March 11, 2017 at 9:10 PM #

    Carson C. Cadogan March 11, 2017 at 4:29 PM #

    Carson, that you could come on here and admonish everyone who comments, claiming that they are pro-MIA and anti-DEM, at a time like this, in a shituation like this, clearly demonstrates your complete and utter one party narrow-mindedness and yardfowlism.

    Utter tripe.

    That the Minister of Finance has not been fired, is only an indictment on the narrow margin that the DLP holds in Parliament, hence the PM has to ‘toe the party line and grin with it.

    Or he, the PM, could do the honourable thing and retire from active politics, thus forcing a bye-election and likely resulting general election.

    But no…. the manure is flying and about to get hit with a turbo jet and the ‘same old’ rubbish being spouted by such as yourself.

    Remember, the same people who voted for you in the last election are going to hate your guts soon enough.

    Adams would have sent the finance minister into purgatory…. forthwith.

    Barrow would have had more compassion and probably sent him as an ambassador somewhere, far from where he could actually do more damage.

    Sadly, we are the passengers in this bus down a hill without brakes and the driver is incompetent.

    Have mercy.

    Like

  7. mother sally March 11, 2017 at 9:25 PM #

    @Crusoe: Don’t you know who Carson Cadogan really is ?

    Like

  8. Carson C. Cadogan March 11, 2017 at 9:37 PM #

    This sponsored walk meant nothing.

    In the recent past we beat the Barbados Labour Party three times and we will flog them again a fourth time come 2018.

    Like

  9. Carson C. Cadogan March 11, 2017 at 9:42 PM #

    as our Esteem Prime Minister said recently, a horse may seem very fast……….WHEN RUNNING BY ITSELF!!!!!!!!

    Like

  10. Gabriel March 11, 2017 at 9:50 PM #

    Prodigal
    The last BLP meeting at the Esplanade February 20th 2013,the crowd was so thick and widespread that one thought all of Barbados was at Bay St.On conclusion of that meeting it took nearly 3 hours to get to one’s vehicle and drive to one’s home 5 km from the city.3 hours walking to a vehicle parked on Beckles Rd and getting home.That was one massive crowd.
    And what happened on February 21st…..Bajans elected the worst government in the history of black governance in the country.One set of incompetent jackasses rule.

    Like

  11. Carson C. Cadogan March 11, 2017 at 9:58 PM #

    This is what Owen Arthur had to say about MIA AMOR MOTTLEY : “The challenge is, as represented by the Peter Wickham poll, that Ms. Mottley faces a problem of being accepted by the society at large and faces a problem of being accepted by a cross section of the BLP”October 27th 2009

    Those words were as true then as they are today 11 March 2017(the anniversary of Tom Adams Death)

    Can anyone supply the reason why Mia is not accepted by a large cross section of Bajans within and without the BLP?

    Liked by 1 person

  12. Carson C. Cadogan March 11, 2017 at 10:01 PM #

    Gabriel, can you remember Tom Adams saying after the BLP was defeated by the DLP, ” They followed us by the THOUSANDS but voted for us by the HUNDREDS.”

    You may not want to remember that either.

    Like

  13. Bush Tea March 11, 2017 at 10:32 PM #

    Even if Bajans were brass bowls enough to vote for the DLP again …because perhaps, we are mesmerised by the satanic monument planted on the Garrison, …it does not remove the nasty stain that has blotched the name of Barbados since 2008 when we were infested by thieving Thompson, bewitched Froon, the Stink Liar, and the cluster of DLP parasites, yardfowls and lowlife hangers-on.
    Shiite man…. this country has NEVER been so low ….and that is no mean feat for the country where the Slave Code was invented, instituted, refined and exported to the USA.

    …and least then we were no being self-***** by a bunch of traitorous Black lackies.

    Like

  14. Tell me Why March 11, 2017 at 10:36 PM #

    Carson. Welcome back. I presume the US send you packing back home. Unfortunately, political knowledge has improved and you cannot come back on the blog with your old political jargon. The Moody guy was stating that countries were given higher grades and making them look like the country is performing good.

    Like

  15. angela Skeete March 11, 2017 at 10:44 PM #

    Since the blp operatives like numbers as stated 9, 000 people march abd the population of barbados is 275,000 . you do the numbers a very miscule bunch of losers hoping to win an election

    Like

  16. Pachamama March 11, 2017 at 10:46 PM #

    Angela

    It only takes 2 to 3 thousand people to deliver a land slide in Barbados.

    Especially since things were so tight since last election.

    Like

  17. Prodigal Son March 11, 2017 at 10:49 PM #

    Gabriel

    I do agree with you………that crowd at Bay Street was the biggest political meeting I have ever seen. We all know what happen on election day……….

    ……………The dems had money to burn……….one man had $40,000 to lick out in St Michael West Central.

    ……At around 2pm, Donville called his buddy the liar saying that he was in trouble and that he could not loose his seat. The liar resplied dont fear, help is on the way, I am sending reinforcement……….the rest is history.

    ………The so called PM’s people engaged in a lot of vote buying….he said he saw it for himself.

    ……..A lot of very strange things went on in the so called AG’s constituency which he sanctioned

    ………Blackett had a lot of money to lick out even the returned CCC got into the act……..an old lady indicted him for what he did to her.

    So the BLP did not stand a chance with those marginal St Michael seats.

    We shall see………….

    Like

  18. Pachamama March 11, 2017 at 10:50 PM #

    The DLP will not get more than 3 seats

    Indeed we may face a constitutional crisis, no leader of the opposition.

    Then somebody on the government side will no doubt cross the floor.

    But all of this is irrelevant. What will happen thereafter is the key question.

    We are betting – more of the same.

    Liked by 1 person

  19. Prodigal Son March 11, 2017 at 10:54 PM #

    CCC ran away from BU because his lies could no longer stand up. He has returned with the same lying ways that is the hallmark of the DLP.

    George Pilgrim…….. a born loser makes up a figure….he actually said that he was making up the figure and as usual the lying dems run with a lie to make people think it is the truth.

    You dems do not know that you have lost all credibility and no one believes a word that comes out of your mouths!

    Like

  20. Well Well & Consequences Observing Blogger March 12, 2017 at 1:49 AM #

    Lawson…..they got time to label it a “distrust Fruendel rally” just 2 more downgrades and the island will be at DEFAULT…the whole island will then turn out to shout Fruendel and his idiot gang out of the people’s parliament….the people still got a little time…that is when ya will see a huuge and bigly crowd..

    Dont mind Carson with all the useless quotations, they are just as helpful to them now as their useless economic policies…..after all the lying and quoting of dead people is over, the 19 downgrades will still be staring them in the face and the ministers will still have no solutions to fix the problems.

    Just wait for it.

    Like

  21. Alvin Cummins March 12, 2017 at 11:12 AM #

    Bushy, and David.
    “..this country has NEVER been so low…”
    Sounds very Trump-like. The unemployment figures were wrong and phony, when they were applied to Obama’s policies, but they are real now that Rump is President, although Trump has not applied any policies, and the conditions have changed marginally.
    By the way Bushie, did you know that the person (broker) from Credit Suisse, who arranged the loan and conditions, is a Bajan, from St. George?? Check it out and let BU. know.

    Like

  22. Alvin Cummins March 12, 2017 at 11:14 AM #

    Pacha,
    “…What will happen thereafter is the key question”
    Yes indeed. Will people like you accept the medicine willingly?.

    Like

  23. Vincent Haynes March 12, 2017 at 12:48 PM #

    Alvin

    Yes we all have known for a long time who the broker is,as a matter of fact you may have been at Cawmere with his deceased uncle at the same time as COW……not sure what that has to do with the folly of signing of on that loan with those conditions.

    We in Bim know what has to be applied and are waiting for it…..you should have joined some of your buddies in telling the PM to take the gamble and inflict it now and by this time next year we may be seeing light at the end of the tunnel,then call elections but as night follows day and your boys continue with mistake after mistake they will not sit in Parliament again for a looooong time.

    Like

  24. Exclaimer March 12, 2017 at 5:15 PM #

    @ Tron March 11, 2017 at 8:57 PM ,

    Don’t thank me. You should thank the author of the article – James S Henry. I’m merely a cutter and “pasteter”. The Barbados Media operates in a theatre of fear. Fortunately we have access to the internet and the international media; both sources are more trustworthy than our domestic media.

    Like

  25. Tron March 12, 2017 at 6:47 PM #

    There are some questions concerning the Credit Suisse loan.

    On the one hand IMF conditionality, on the other hand 2,400 new jobs for lost souls in the so-called civil-service. Contradiction?

    Questions

    1) Is Barbados in breach of the syndicated loan facility aka CS loan due to the employment of said people? Would explain Moody´s rating which translates to partial default.

    2) Or has the MoF achived an arrangement which allows him to stop austerity in exchange for WHAT? For devaluation in XY months? For selling exploration rights for oil and gas in the Atlantic Ocean? For firing Dr Voodoo-economics?

    The terms of the CS loan do obviously not fit to the current spending.

    Like

  26. Tron March 12, 2017 at 7:01 PM #

    @David

    The tax haven Barbados is dying just now. The escape clauses in the offshore contracts are activated eg in the case of a downgrade to C, financial breakdown or revolution.

    No foreign investor will come to Barbados now to do any fresh offshore business, since a tax haven must offer financial security.

    There are multiple other island around with better rating, better policies, better prospect and a more motivated population.

    Like

  27. angela Skeete March 12, 2017 at 7:46 PM #

    So funny how barbados elitist and so called intellectuals would block foreign investment but would encourage foreign financial economist to lite their country on fire

    Like

  28. Simple Simon March 12, 2017 at 11:27 PM #

    @Piece Uh De Rock Yeah RIght – INRI March 10, 2017 at 2:02 PM “This is the same woman whose culinary dispositions are known all around the island?”

    Her culinary dispositions are no different from those of the majority of Bajans.

    Like

  29. Simple Simon March 12, 2017 at 11:34 PM #

    @Gabriel March 10, 2017 at 12:49 PM “Just think of it!……One man has this country of 270,000 souls held to ransom and nobody can do anything about it because some law give him the authority…”

    Some law?

    or the Constitution.

    You have never complained when the same “some law” protected your right to own personal property.

    And now you find it an inconvenience?

    Like

  30. Simple Simon March 12, 2017 at 11:40 PM #

    @lawson March 11, 2017 at 7:38 AM “You claiming barbados just got some self respect….dropping you aged off at the doors of the QEH….old people and disabled living like dogs in run down houses…”

    And some of you have abandoned your own young children, and elderly parents in the Caribbean. Have refused to spend a penny on them, or a minute with them.

    The old abandoned people at the QEH, are not just our parents. They are your parents too.

    Like

  31. Simple Simon March 12, 2017 at 11:46 PM #

    @ngela Skeete March 11, 2017 at 7:48 AM “willing to allinged themselves with international financial institution policies that would hurt the people of barbados and march society into a dismal and protracted way of life”

    aligned NOT allinged

    Do you know that protracted means long? Of course we all want a protracted way of life, and if the BLP is offering that of course we will vote for them.

    Or as Owen used to say “everybody wants to go to heaven, but nobody wants to die”

    Or as some of us say “Lord take me to heaven…but not yet.”

    Like

  32. Simple Simon March 12, 2017 at 11:59 PM #

    @Carson C. Cadogan March 11, 2017 at 9:58 PM “Can anyone supply the reason why Mia is not accepted by a large cross section of Bajans within and without the BLP?”

    Did Owen or you take a survey to see whether Mia was accepted or not? Did he? Did you?

    Further did not a large cross section of Bajans reject Owen’s Prime Ministership in the 2 most recent elections?

    And furthermore since this is the season of Lent did not a large cross section of people reject Jesus Christ?

    Don’t large cross sections reject Jesus Christ even now?

    Stupseee!!!!!!!!

    You and Owen really need to come up with some better arguments.

    Wunna think we still in Infants B.

    Like

  33. Simple Simon March 13, 2017 at 12:04 AM #

    @Tron March 10, 2017 at 11:12 AM “no heating during harsh winter.”

    What harsh winter are you talking about?

    You know, don’t you that the temperature is always between 20 and 30 C?

    We may have other things to worry about but we don’t have to worry about harsh winters.

    Nor hot summers.

    Like

  34. Simple Simon March 13, 2017 at 12:39 AM #

    @Piece Uh De Rock Yeah RIght – INRI March 10, 2017 at 9:17 AM “I shall again be praying for the flood-like rains to wash way Mugabe’s march tomorrow and do believe that Dr. Lucille Baird and Dr. Senator the Hon. David Durant will also pray wid de ole man too.”

    Well ole man, ya prayers weren’t answered. It was a fine very, very beautiful evening when I passed through the Lower Green on Saturday afternoon.

    I don’t know if that meannt anything…I’ll leave the interpretation to the theologians, Bush Tea, Zoe, Georgie Porgie et. al.

    Like

  35. Well Well & Consequences Observing Blogger March 13, 2017 at 12:44 AM #

    Both governments have this curse of negotiating the best contracts to benefit the foreign and local wealthy only and disenfranchise the majority populstion…always, it has been recognized as a curse for quite some years now. This incompetence was recognized as far back as 2013.

    “While its entire GDP is now only worth about $4.2 billion, and its population is smaller than that of Duluth Minnesota, this crisis is worth examining closely. For here we have a very precise example of the “finance curse,” where excessive dependence on high debt, an aggressive offshore haven industry, very low tax rates for high-net worth investors, foreign companies, and banks, and high tax rates for everyone else, have essentially brought this little country to its knees.”

    Like

  36. Simple Simon March 13, 2017 at 12:46 AM #

    @Well Well & Consequences Observing Blogger March 10, 2017 at 9:50 AM #
    Lawson…because ya will be detained at the Canadian/US border this summer and returnd to GTA

    Not the GTA, that is sooooooooooo old school.

    The new(ish) name is The Six.

    Like

  37. Hal Austin March 13, 2017 at 3:57 AM #

    Alvin,

    I think you are wrong. There is a Bajan connection, but not that.

    Like

  38. Well Well & Consequences Observing Blogger March 13, 2017 at 1:21 PM #

    Simple…that is only in the event that they dont deep six Lawson or send him to an immigration detention centre in Appalachia…lol

    Like

  39. Well Well & Consequences Observing Blogger March 13, 2017 at 4:16 PM #

    Lawson..look, the feds are closing in….lol

    “In addition to a special counsel, Congress could and should appoint a joint select committee to look into Kremlingate and issue a public report, but a special counsel would be likely to conduct a more professional investigation and, unlike lawmakers, would possess the power to indict, which may help loosen the tongues of suspects.

    There is a good reason why Trump and his partisans are so apoplectic about the prospect of a special counsel, and it is precisely why it is imperative to appoint one: because otherwise we will never know the full story of the Kremlin’s tampering with our elections and of the Kremlin’s connections with the president of the United States. As evidenced by his desperate attempts to change the subject, Trump appears petrified of what such a probe would reveal. Wonder why?”

    Like

Trackbacks/Pingbacks

  1. Is Prime Minister Stuart Competent to Lead Barbados at this Time? | Barbados Underground - March 12, 2017

    […] “The tax haven Barbados is dying just now. The escape clauses in the offshore contracts are activated e.g. in the case of a downgrade to C, financial breakdown or revolution. No foreign investor will come to Barbados now to do any fresh offshore business, since a tax haven must offer financial security. There are multiple other island around with better rating, better policies, better prospect and a more motivated population.” – Tron […]

    Like

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