Barbados’ credit rating on its foreign currency debt has been upgraded by New York based credit rating agency, Standard & Poor’s (S&P) to B-, with a stable outlook.

According to Senior Economic Advisor to the Barbados Government, Dr. Kevin Greenidge, the upgrade is quite an achievement, particularly as the Barbados Economic Recovery and Transformation (BERT) Programme was only just a year old.

Dr. Greenidge noted that the upgrade would “improve prospects for investment, which augurs well for growth… The upgrade sends a strong statement that BERT is working and speaks to the strength of the adjustment programme and reforms being undertaken.”

The ratings agency statement said in part, “We expect over the next 12-18 months the Government will continue to implement policies that achieve fiscal consolidation and instill institutional safeguards, while strengthening macroeconomic stability.”

It also spoke to issuing further upgrades to the country over the next year once the Barbados government adhered to its fiscal targets and reform agenda.

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