S&P downgrades Barbados debt

S&P said it lowered its issue-level ratings on Barbados' local currency issues outstanding to D (default) from CC.

At the same time, S&P affirmed its SD/SD (selective default) long- and short-term foreign and local currency sovereign credit ratings on the country, and its D (default) ratings on Barbados' rated foreign-currency issues.

The agency affirmed its CC transfer and convertibility assessment on the country.

The Barbados government announced nearly full acceptance of its local currency debt exchange offer and confirmed that it will issue the new debt by the end of the month, S&P said.

“We expect the government to issue new debt under its Barbados dollar-denominated debt exchange by the end of October 2018, and continue engaging in dialogue with external creditors to commence a foreign currency-denominated debt exchange in the near term,” S&P said in a news release.

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