March 16, 2021
S&P Global Ratings downgraded Aruba's credit ratings by one notch to BBB on Monday, saying the aftermath of the COVID-19 pandemic could last longer than expected in the tourism-reliant economy.
S&P estimates that Aruba's economy shrank 31% in 2020, possibly one of the largest contractions in the world, after the number of stay-over tourists fell 67% last year. The economy will likely grow 5.7% in 2021, but a recovery may not really kick in until 2022, when it rises 10% "as tourism slowly
Rating agency says the aftermath of the COVID-19 pandemic could last longer than expected