Barbados has secured an upgrade from the American credit rating agency, Fitch Incorporated.
The island’s long-term foreign currency issuer default rating has been moved to ‘B plus’ from ‘B’.
According to Fitch, the rating outlook is stable.
Only recently, the Governor of the Central Bank of Barbados stated the country was awaiting the verdict from top credit rating agencies that were assessing the viability of the nation’s investments.
Fitch in a statement says Barbados’s upgrade reflects its continued large primary surpluses, which are quickly reducing the debt-to-GDP ratio, though it remains high.
It adds successful implementation of structural reforms under the international monetary fund extended fund facility and the resilience and sustainability fund programs, along with the domestic Bert 2.0 Plan, has driven this fiscal progress.