S&P cuts the Bahamas

S&P said it lowered its long-term foreign- and local-currency sovereign credit ratings on the Commonwealth of the Bahamas to BB- from BB.

“The Bahamas entered the pandemic with little fiscal flexibility owing to its sustained budgetary imbalances and high debt burden. Although successive administrations have identified the need to reform the country's finances, reforms have been slow and failed to eliminate fiscal deficits,” S&P said in a press release.

The outlook is negative.

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