Fitch revises Barbados view to positive

Fitch Ratings said it affirmed Barbados' B long-term foreign-currency issuer default rating and revised the outlook to positive from stable.

“The outlook revision to positive reflects the return to large primary surpluses after the pandemic-induced relaxation of fiscal targets, a declining public debt trajectory albeit at high levels, a strengthening economic recovery, and structural reform efforts including ones to state-owned enterprises (SOEs) and the pension system,” Fitch said in a press release.

The agency noted Barbados’ real GDP rose 12% in 2022 and 4.1% in the first half of 2023 and projects GDP growth of 3% in 2024. “Tourist arrivals as of June 2023 reached 87% of 2019 levels and a strong winter high season is expected for 2023-2024. However, the sector faces ongoing constraints from limited airline flight capacity from some key source markets.”

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