S&P downgrades the Bahamas

S&P downgrades the Bahamas

Caribbean Bahamas Corporate & Sovereign Strategy

S&P Global Ratings said it has downgraded the Bahamas to BB+ from BBB- due to weaker than expected GDP growth. The rating agency also attributed the downgrade to the slow-paced fiscal consolidation beyond the expectations of S&P’s review in April. Subdued economic activity this year and the damages caused by Hurricane Matthew in October limited GDP growth to 0.3% in 2016, S&P said. The Bahamas still has a stable outlook, and the opening of the Baha Mar tourist resort and some smaller

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