Business
CDB optimistic about reversing credit downgrades
The Caribbean Development Bank (CDB) “will spare no effort” to ensure that the way it does business will not put it in line for any more Standard and Poor’s or Moody’s downgrades.
This was the pledge made by CDB president Dr Warren Smith in a media release issued in the face of regional criticism over the credit rating downgrades meted out to the bank by the two influential United States-based ratings agencies within less than a month.
(More: Standard & Poor’s downgrades the Caribbean Development Bank (CDB))
On June 12, Standard and Poor’s downgraded the CDB by one notch to ‘AA+’, while affirming its short-term rating of ‘A-1+’, with a stable outlook. This followed the announcement by Moody’s Investor Service on May 11, 2012, that it had downgraded CDB’s credit rating by one notch from ‘Aaa’ to ‘Aa 1’, with a negative outlook.
