Moody’s downgrades Barbados to Caa3

Moody's Investors Service said it downgraded Barbados' government bond and issuer ratings to Caa3 and maintained a stable outlook.

Moody's said the downgrade was driven by the following factors: (a) The continued increase in government debt and very limited prospects of fiscal reform; and (b) in consequence, rising domestic and external financing pressures that are very likely to impair the government's ability to service its debt.

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