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Barbados has retained its B- rating in the S&P Global Ratings’ latest review.
In a report released today, November 25th, 2021, the financial services company also described the outlook for the island as stable.
It says this stable outlook reflects S&P’s view that despite the near-term impacts of the hurricane, volcanic ashfall, and the ongoing pandemic on the economy that led to a slower-than-expected recovery, Barbados continues to make progress under its domestic BERT programme.
S&P says in addition, Barbados continues to meet the benchmarks under the IMF’s EFF program, which facilitates access to financing from multilateral institutions.
The report notes that at the same time, high reserve levels will continue to provide external liquidity to support Barbados’ balance of payment position.
S&P has forecast a pick up of economic recovery in 2022 as Barbados manages the impacts, and that tourism will gather momentum late 2021 into 2022 as airlift capacity and vaccination rates increase.
Commenting on the news, Senior Economic Advisor to Government, Dr. Kevin Greenidge says it’s quite an achievement and testimony of confidence in Barbados’ economic program, and in the fact that our economic fundamentals remained intact even through the pandemic.
He says it’s also a statement of confidence in the execution of policies during the pandemic.
