Caribbean L 12 ife, May 1-7, 2020
Bdos’ credit good despite COVID-19
By George Alleyne
In spite of ravages to business and
commerce caused by the novel coronavirus
(COVID-19) pandemic Barbados
has managed to maintain a stable credit
status of ‘B-/B’ with international rating
agency, Standard and Poor’s.
S&P last week gave Barbados this positive
international credit outlook because
the counrty’s administrators have been
re-paying the island’s worldwide debt on
time despite the rapid spread of the virus
that saw a total shutdown of tourism, the
island’s bread and butter industry, along
with most other businesses.
S&P, the New York-based international
financing authority, last December
upgraded Barbados from Selective
Default to its current rating, marking
the first rating upgrade for the island in
some 10-plus years.
On assuming office following the May
2018 elections the new Mia Mottelyled
government immediately froze large
international debt payments and commenced
re-negotiations with lenders
that ended in an agreement for different
repayment conditions which are more
favorable to Barbados.
By successfully moving the past and
future repayment deadlines to dates of
2021 through 2029, and through introduction
of amortisation conditions —
spreading loan reimbursement periods
over a number of set bi-annual dates
instead of lump sum settlements — the
current government gave itself financial
Barbados’ Junior Minister of Finance,
Ryan Straughn.
Photo by George Alleyne
room to manoeuvre and gained significant
savings.
Additional savings were obtained
through agreement with these international
creditors to shave interest
rates, resulting in what junior Minister
of Finance, Ryan Straughn said will
amount to $2.5 saved over the next four
years.
But attaining a stable rating amid the
coronavirus-spurred economic turbulence
does not mean that Barbados will
not be affected.
“We expect the sharp contraction in
tourism in 2020, together with the spillover
of COVID-19 to other sectors in the
economy, will lead to a significant fall in
Barbados’ GDP,” S& P stated.
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