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PM: Moody’s downgrade is trash

Prime Minister Freundel Stuart has described Moody’s recent downgrade of Barbados as nothing more than trash.

Reacting to Moody’s lowering of Barbados’ credit rating from Ba3 to B3, Stuart said yesterday, “What they say is only relevant if we want to embark on an orgy of foreign borrowing in which people should know how much we should have to borrow, how much our money should cost.

“But if we are not intending in the short or medium term to go to the capital markets to borrow money, what they say has as much value as what you would see in any garbage dump collected by the Sanitation Services Authority.”

PM cover

Prime Minister Freundel Stuart sampling a Banks Brewery product at BMEX yesterday.

The Prime Minister was speaking to the media during a tour of the Barbados Manufacturing Association’s Expo (BMEX) being held at the Lloyd Erskine Sandiford Centre.

His statements come as Government seeks to increase the country’s borrowing limit through a ‘Special Loans (Amendment) Bill that has been placed before the House.

The bill was not discussed at the last Tuesday’s sitting, leading to speculation that it was postponed as a result of the downgrade earlier in the day.

Stuart said the opinions expressed by Moody’s “ are designed to send signals to the capital markets as to whether or not Barbados’ bonds should be treated in a particular way.

“They are free to express their opinions about Barbados because we are paying them to do that. But it doesn’t mean when they express opinions that we meekly and compliantly submit to what they say because we know the reality here in Barbados,” he stated.

The Prime Minister delved into the track record of rating agencies to support his contention that their declarations are not at all times correct.

“They expressed opinions in the past that gave the impression – not Moody’s but the rating agencies on the whole – that all was well in the world, and they were wrong. And in fact the Western economy collapsed when they were saying that all was well.

“And there are still people around who believe that the rating agencies should be criminally prosecuted for misleading the world and creating the devastation that has befallen the Western world, and from which we are still trying to recover.

“I know that the Nobel Laureate economist, Amartya Sen, actually insists that they should be criminally prosecuted. I know that the American Congress has also said the same thing. So we’re not dealing with people here who speak with papal certainty about what is going on in the world. They express opinions like the rest of us.

“They have their work to do and we respect that work very highly. But it is not as though they say when the second coming is going to take place. Those things are both beyond their kin and beyond their capacity,” he added.

24 Responses to PM: Moody’s downgrade is trash

  1. Cheryl A Rollins
    Cheryl A Rollins June 8, 2014 at 12:10 pm

    Sorry PM I will take Moodys word and the IMF’s word over yours! You and your finance team are clueless!!! SMH

    • Ashantia Howard
      Ashantia Howard June 8, 2014 at 12:46 pm

      because you are an idiot

    • Cheryl A Rollins
      Cheryl A Rollins June 8, 2014 at 1:05 pm

      You cannot educate the people and expect them to remain ignorant. Unfortunately some of us fall throw the cracks you are one! SMH!!

    • Ryan Bayne
      Ryan Bayne June 8, 2014 at 2:17 pm

      Well said, Cheryl A Rollins. I could’ve said the same thing myself but I was a bit numb. Don’t worry. You’ll hear more from me.

  2. L.Allan Wilkie
    L.Allan Wilkie June 8, 2014 at 12:25 pm

    One man’s junk is another man’s junk, at a price

  3. Andrew Connell
    Andrew Connell June 8, 2014 at 12:29 pm

    What really is the reality Mr Prime Minister??? If the only time we seem to be privy to hear you speak is when any of the international agencies have anything to say about our economy in a negative way…this is sad. They are being paid by us the taxpayers so if you are saying that they have a tendency to be misleading…like your administration…why not fire them???…What is the sense in throwing water into the sea? You have submitted that they don’t know the reality here in B’dos and quite frankly I don’t know it either…so can you please enlighten those of us who are tempted to agree with Moody’s analysis???

  4. Francis McClean
    Francis McClean June 8, 2014 at 12:42 pm

    The hurt is in de streets. The people feeling it bad. They know.

  5. Ashantia Howard
    Ashantia Howard June 8, 2014 at 12:47 pm

    moody’s was trash long time

  6. Ryan Henry
    Ryan Henry June 8, 2014 at 1:45 pm

    This man is CLUELESS, completely clueless

  7. Lynda Bonnett
    Lynda Bonnett June 8, 2014 at 2:22 pm

    What can i say….is either you agree with frunble,chris,donville or they cuss u out.i dont know how much more barbadian can take.they have run this beautiful country to the ground.poor people suffering while they are fat and their pockets.they should live a month

  8. Lynda Bonnett
    Lynda Bonnett June 8, 2014 at 2:22 pm

    In the poor people shoe

  9. L.Allan Wilkie
    L.Allan Wilkie June 8, 2014 at 2:30 pm

    Standard and Poors will soon announce their assessment! What will DEM say ?

  10. Ryan Henry
    Ryan Henry June 8, 2014 at 2:41 pm

    @L.Allan Wilkie They will reply as they usually do to Standard and Poors and i quote from the future “They don’t know what they are talking about , we are correct and our economy is stable so don’t worry” of course that will be after they cuss the person(s) and institution behind that report

  11. Veroniva Boyce
    Veroniva Boyce June 8, 2014 at 2:56 pm

    Cheryl Rollins & Francis McClean totally agree with both of you. “Moody’s downgrade is Trash” Stuart does not think before he open his mouth and if he can’t think or plan anything constructive to say keep his mouth shut. He is clearly an embarrassment to the Citizens of Barbados.

  12. David E Hall
    David E Hall June 8, 2014 at 4:25 pm

    Several months ago there were to be no layoff either Mr. Minister.But i guess this is what you can expect when you place your economic future in the charge of a pack of Buffoons, of which the PM by his words and actions appears to be the quintessential one.

  13. David Hall June 8, 2014 at 4:31 pm

    Am sorry folks, but what else can you expect from a sleeping PM who is detached from the reality of the absolute majority of his people.

  14. Sanderson Rowe June 8, 2014 at 6:06 pm

    And a good majority of the population in Barbados agrees with Moody. We are living it. For all intents and purposes , the Barbados has already been drastically devalued. Check the exchange rate in Supermarkets , with the Bridgetown Merchants and for other goods and service.

  15. Pamalea Payne
    Pamalea Payne June 8, 2014 at 8:41 pm

    Moody love to give out false ratings

  16. Ryan Bayne
    Ryan Bayne June 8, 2014 at 10:00 pm

    Freundel, after reading your comments, it goes to show that YOU ain’t nothing but trash. That also applies to your partner in crime, Chris Sinckler. Time to go straight to the garbage heap.

  17. David E Hall
    David E Hall June 9, 2014 at 8:45 am

    Hmmm, sounds plausible since lately he seems even more incoherent that he usually is.

  18. james franks June 10, 2014 at 1:04 pm

    Dear Freundal,
    Time to go, and go now!!

  19. james franks June 10, 2014 at 3:36 pm

    Fruendel and Sincker??
    James Franks says NO THA NKS!!


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