Barbados’ latest upgrade by Standard & Poor’s (S&P) is a positive sign, but the authorities must work to ensure the country gets back its investment-grade credit rating.
Barbados Private Sector Association chairman Edward Clarke made that suggestion yesterday as he reacted to S&P’s decision on Wednesday to raise Barbados’ foreign currency credit rating up six notches from selective default to B-, which based on S&P’s ratings scale is still below investment grade.
“The Barbados Private Sector welcomes the upgrade by S&P. It shows that the country is heading in the right direction. We still have a long way to climb on the ladder, but this news will give investors confidence that we are on track. We, therefore, need to continue our efforts to ensure we return Barbados to investment grade,” Clarke told the NATION.
Institute of Chartered Accountants of Barbados (ICAB) president Lydia McCollin congratulated Government for what she called an “important achievement but said she looked forward to further upgrades.