Barbados has received another downgrade from a major United States rating agency.
Moody’s Investors Service announced yesterday that it has downgraded the country’s bond rating from B-A-1 to B-A-3, citing poor economic growth and rising fiscal deficits.
Moody’s also cited what it says is Barbados’ continued anemic economic performance and the rising costs of funding for the downgrade.
It said the ongoing deterioration in the government’s financial strength, due to persistently large fiscal deficits and rising debt levels and the deterioration in the government’s debt profile were also factors in its latest assessment.
Moody’s says the country’s credit outlook remained negative.
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