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Moody’s Investors Service has upgraded the Government of Barbados’ Issuer Ratings to B3 from Caa1 and maintained the stable outlook.
In a release, Moody’s said the key drivers behind the rating decision include pre and post-pandemic fiscal consolidation that, coupled with a strong economic recovery, have led to a declining debt burden.
It says the implementation of durable structural reforms will support achieving higher fiscal primary surpluses.
In addition, reduced government liquidity risk coupled with adequate foreign exchange buffer, support Barbados’ credit profile.
Moody’s says in its assessment, the improvement in growth dynamics and fiscal performance, along with the decrease in the debt burden will be sustained over the coming years.
