Business
S & P downgrades the Bahamas rating from stable to negative
Tuesday, September 25, 2012
Standard & Poor’s (S & P) have revised the outlook on The Bahamas BBB rating from stable to negative.
In the latest report from the S & P, the ratings agency issued a warning that a downgrade could occur if the Perry Christie administration fails to craft a medium-term fiscal plan to reign in the country’s debt.
A Bahamas government official did not dispute the findings of the report. He said that the new administration had inherited a “deteriorating fiscal situation where the deficit target was overshot by a wide margin.”
In August 2011, another ratings agency – Moody’s revised the Bahamas outlook from stable to negative, while affirming the A3 government bond ratings.