Moody's upgrades Barbados

Moody's Investors Service said it upgraded foreign- and local-currency issuer ratings to Caa1 from Caa3 on Barbados and affirmed the foreign-currency senior unsecured bond rating at Caa3.

The outlook is stable.

The upgrades reflect the material improvement in Barbados' fiscal and debt metrics, along with reduced susceptibility to event risk, following the restructuring of its local-currency debt, the agency said.

The expectation that the improving policy framework and on-going fiscal and structural adjustment will place government debt on a downward trajectory, Moody's said.

The stable outlook balances expectations of continued improvement in the government's fiscal performance and debt metrics against the risk of policy slippage and implementation challenges, facing the structural reform agenda, the agency said.

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