Standard & Poor’s downgrades the Caribbean Development Bank (CDB)

“Strengthening of risk management policies could contribute to an upgrade,” S&P said.

“The deterioration of the financial profile would lead to a downgrade. Additionally, the ratings could be affected – up or down – by our new criteria for multilateral lending institutions, which we expect to adopt later this year,” it added.

The 42-year-old development banke was Triple-A rated by S&P in 2004 and 2010, with the rating agency saying that if it maintained “its prudent financial policies of the past, its rating should remain stable over the medium term.” -CMC

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