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S&P downgrades Bahamas to BBB-/A-3
Standard & Poor's said it lowered its foreign and local currency sovereign credit ratings on the Commonwealth of the Bahamas to BBB-/A-3 from BBB/A-2.
The ratings were removed from CreditWatch, where they were placed with negative implications on July 2.
The outlook is negative.
In addition, the agency lowered its transfer and convertibility (T&C) assessment for the Bahamas to BBB from BBB+.
S&P said the downgrade reflects both long-term vulnerabilities and the short-term economic shock of the Baha Mar bankruptcy filing and subsequent legal disputes. The long-term vulnerabilities include a weakening external position and fragile domestic economy.
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