Business
St Lucia PM: CDB should act to reverse Moody’s rating
The new chair of the Caribbean Development Bank (CDB) has called on the institution to implement measures to reverse the ratings downgraded issued by Moody’s Investors Services.
St Lucia Prime Minister Dr Kenny Anthony made this call as he addressed the recent annual CDB board of governors meeting in the Cayman Islands.
(More: Moody’s downgrades the CDB)
“The Bank must move quickly to create a dedicated risk management function, adopt comprehensive asset-liability management policies and carry out other necessary reforms to ensure that all its fundamentals get back on track and are sustained,” said Dr Anthony.
His call followed the revelation made at the start of the two-day meeting by CDB President Dr Warren Smith that Moody’s had downgraded the credit ratings for the financial institution by one notch from Aaa to Aa1.
