March 10, 2017 |
Moody’s has downgraded Barbados to Caa3, nine levels below investment grade, warning the Caribbean island faces increasing chances of a default.
Barbados’ debt burden, one of the world’s highest, has "risen in recent years and will continue to do so for the next few," the ratings agency said in a report. "We assess the likelihood of a credit event in the near term as very high, given the lack of fiscal adjustment and increasingly limited financing options."
The government’s debt load reached 111
Rating agency warns the Caribbean island faces increasing chances of a default