Upgrade caution

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MOODY’S UPGRADE of Barbados’ credit rating has been welcomed, but it triggered warnings that the economic recovery was far from over.

Barbados Private Sector Association chairman Edward Clarke and Institute of Chartered Accountants of Barbados president Lydia McCollin cheered the news yesterday, while cautioning the major restoration was unfinished.

However, Senator Crystal Drakes, of the Opposition People’s Party for Democracy and Development, saw no reason to rejoice, lamenting that the upgrade resulted from policies that were “extremely burdensome on society”.

Economists Jeremy Stephen and Simon Naitram said though upgrades were positive, their real benefit would be determined by Government’s ability to resolve key issues, including the foreign debt default and economic reform.

On Tuesday, Moody’s raised Barbados’ foreign and local currency issuer ratings to Caa1 from Caa3, affirmed the foreign currency senior unsecured bond rating at Caa3, and maintained the stable outlook.

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