Daily Archives: December 20, 2012

We’ve arrived! Moody’s cuts Barbados to junk status.

Barbados Rotten Fish 3

Notin’ much more ta say ’bout dis ya know…

Moody’s Investors Service on Thursday downgraded Barbados’ credit rating to Ba1, into junk territory, citing the Caribbean country’s lukewarm economy and rising government debt levels.

The rating also carries a negative outlook, with the agency saying that the country’s economic prospects remain weak.

“Moody’s believes that the country’s growth prospects remain very limited due to its deteriorating competitiveness and declining productivity coupled with heavy dependence on tourism, particularly from the United Kingdom and the United States,” Moody’s said in a statement.

“While the worst appears to be behind Barbados both in terms of fiscal deficits and economic deterioration, Moody’s anticipates that the government’s deficits will remain large for the next few years and its debt levels will continue to rise, albeit at a slowing pace,” the statement added.

Standard & Poor’s rates Barbados BB-plus with a stable outlook, also a speculative rating.

Reuters: Moody’s cuts Barbados rating to junk, could cut more

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Filed under Barbados, Economy

Readers want to know: Who dresses Chief Justice Marston Gibson?

Chief Justice_Marston_GibsonGrey suit. Bright sky blue shirt. That brown striped tie – OH THAT TIE!

And the fit. Oh my.

Who dresses Chief Justice Marston Gibson?

Sorry, BFP. I couldn’t help it!

Clanger

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Filed under Barbados

Barbados Tourism in death spiral: Government Minister congratulates Tourism Minister

Richard Sealy Barbados Tourism Minister

Richard Sealy Barbados Tourism Minister

From our “If it weren’t so tragic, it would be hilarious” department…

“Minister of Tourism, Richard Sealy, has been lauded for the exemplary job that he has done during his tenure, to keep the tourism sector together and performing, especially during the current economic climate.

Kudos have come from Minister of Finance and Economic Affairs, Christopher Sinckler…”

“He said that it has been under Minister Sealy‚Äôs stewardship that Government has been able to put forward a major policy document on tourism, an achievement that the previous administration cannot lay claim to.”

Read all the aburdities in The Barbados Advocate Tourism Minister Lauded

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Filed under Barbados, Barbados Tourism