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Pm stuart takes on international agencies

Prime Minister Freundel Stuart has again stood defiant in the wake of a series of downgrades, telling party supporters Barbados could not be downgraded by any rating agency.

“No rating agency in the world can downgrade Barbados. Rating agencies can downgrade your credit rating, your ability to borrow money, but they cannot downgrade you as a people,” Stuart said at a meeting last night of the ruling Democratic Labour Party (DLP) at The Alexandra School in St Peter.

It was a repeat of the position he adopted in March of this year at the DLP’s mid-year conference, one day after international rating agency Standard and Poor’s (S&P) had downgraded the island from ‘B- to ‘CCC+’  – the island’s 18th under his administration at the time – and a week before Moody’s downgraded Government bond and issuer ratings to Caa3, placing Barbados on the same level as Greece, the Ukraine and Venezuela.

“Rating agencies can only downgrade Barbados’ credit worthiness, its ability to borrow. They cannot downgrade Barbados itself,” he said then.

Stuart was even more dismissive last night of the international rating agencies, as well as economists and political opponents who see the downgrades as evidence that his administration’s economic policies were not working.

“What they will say and what they have been saying is that rating agencies downgraded Barbados 18 or 19 or 20 times, whatever it is . . . what credit rating?

“You can’t talk about the country’s credit rating without at the same time trying to link that to the credit rating of the average man and woman in the communities of Barbados.

“There are so many other aspects to a person rather than whether they can borrow money or not, and as it is true of an individual, so also of a country,” he said.

The Prime Minister said that in the history of this island the average man or woman had been unable go to a bank and borrow money as he or she wished because they did not have the collateral.

However, he insisted that poor credit ratings did not affect Barbados’ ability to produce excellence.

“The fact that we have not been able to borrow money, does that mean that we didn’t produce Gary Sobers? Does it mean that we didn’t produce Rihanna? Does it mean that we don’t produce about 45 or 50 Barbados scholars per year? Does it mean that we don’t rank very high in the United Nations Human Development Index? Does it mean that we don’t have one of the ten best education systems in the world, because our credit rating has been downgraded by rating agencies?”

Since March there have been two further downgrades, the most recent in September when S&P announced that it was lowering its long-term local currency sovereign credit rating on the island to ‘CCC’ from ‘CCC+’.

It also warned at the time of the possibility of another downgrade over the next 12 months, while calling on the Stuart administration to take the necessary steps to lower the country’s high fiscal deficit, strengthen its external liquidity, and reverse its low level of international reserves.

The Prime Minister’s reaction at the time was sternly criticized by Minister of International Business Donville Inniss, who it was politically disingenuous to ignore the reputed rating agencies.

“Anytime that there is a rating agency, recognized and respected worldwide, that gives a rating on Barbados, you need to pay very close attention to it [whether] it is a good rating or a bad rating. I cannot comment positively if it is a good rating and then have nothing [good] to say when the rating is not so good. Now I am not focused on the messenger [rather] I am focused on the message,” Inniss said at the time.

23 Responses to Rate this!

  1. luther thorne November 20, 2017 at 11:14 pm

    Time for Honourable Donville Inniss to move into Illaro Court and head Barbados ‘ first family. I do not know what Donville waiting for. If you dont before the next election Mr.Inniss you could as well hurt your deserved chances.

    • Leroy November 21, 2017 at 3:58 am

      You does talk a roll of foolishness. DONVILLE CAN RUN A COUNTRY?
      None of dem know what they doing.

      Any person who goes to a bank to borrow $ for a mortgage, home repairs or for whatever knows fullwell that if your credit is shot your chances of getting an approval is considerably diminished.
      We have a serious problem in bds of not having enough foreign exchange usd to buy the goods on the intl market, and thia gov seems unable to attract the confidence internationally for intl business inflows or to restructure the economy to a more revenue earning one through exports in comodities. Tourist are broke as hell and trying to stretch every cent out of their vacation package.
      So what do we do as a nation, what does our PM and finance minister do.(one step forward, 2 steps back).increase taxes to stem the demand for foreign exchange all the while printing $ at central bank because its the political expedient thing to do.

      They are not real leaders of bds..they are the worst uninspired people ever elected and have no clue how to get this country moving.

      In all he said what has he done in 10 years that has inspired excelence? Nothing

      • Leroy November 21, 2017 at 4:05 am

        I forgot to add that the other ways of making $ is by selling our belongings. Who else but parros are so anxious to sell their parents jewels and begging the agency to hurry up and make a decisìon on sale?

  2. Richard Johnston November 21, 2017 at 3:38 am

    What excellence can he point to that the years of reckless fiscal management that brought the downgrades caused?

  3. archy perch November 21, 2017 at 3:58 am

    Luther I can’t in any stretch of my imagination see Mia in Ilaro Court representing Family in Barbados…a Christian society. That’s like putting lime in milk. The United States has that huge problem right now.He is called Donald Trump and admitted sexual harasser plus other things.It is a total mess and confusion in the White House. Why do we want to thrush Barbados into an era of complete moral decay as the churches sit back and allow this to happen by their silence. A disgrace. Speak up now.

    • Leroy November 21, 2017 at 4:07 am

      Try to stay on topic or say something that makes sense.

    • hcalndre November 21, 2017 at 6:39 am

      archy! archy! archy! were you born in Barbados or ever lived in Barbados? what moral thing you speaking of about Barbados? well take your DEM blinkers off and ask some questions, have you ever heard of a place in Barbados called the Gold Coast? that’s a little tip to start with, no more for now. Trump could be put out the WH., America don`t have to wait until the 4years are up, while in Barbados the man say that he get 5 years and you`ll have to wait until the 5 years before election is called.

    • Jennifer November 21, 2017 at 7:51 am

      Now now archy, you cannot make bread from stones, neither can you stop the inevitable >>>>> Amtrak express. This people is drunk with wine, but not strong drink. And don’t bother with any christian society blind fold nonsense. So I guess it will be lime in milk >>>>>>>>>>> the curdling will begin. And in case you did not realize, this place in moral decay long time. LOOK!!!!!!!

  4. Leroy November 21, 2017 at 4:33 am

    After 10 years our PM still dont get it. Our schooling have def failed us if we are so daf.

    • Jennifer November 21, 2017 at 7:37 am

      Yeh, but he don’t want to get that. All that is set up and pawn game from outset. And them know it too. Have and have not, sheep and goat, lion and lamb etc. All game.

  5. MARIA Holder November 21, 2017 at 6:16 am

    I agree with you Freundel, they cannot; but you can and have

  6. Bajan Patriot November 21, 2017 at 7:25 am

    Everyone living in barbados knows the pain and suffering but come Election them will for get that and vote away they own interests. Some bajans ignorant. To hell with the BLP/DLP and the sellout labor movement. Start running as independents candidates.lets have a coalition government from amond the people. Vote your own, Your country and your people’s Interests BARBADIANS.Stop loving the corup sellout bajan politician and start loving yourself and your country. Give them both the BOOT. Vote in the New parties plus independent candidate.

  7. fedup November 21, 2017 at 8:11 am

    I know somebody dat gine soon get downgrade.

  8. Lee November 21, 2017 at 9:01 am

    There seems to be no regard for CONSEQUENCES in this administration, and generally the decisions that many young people are making show that they are simply not thinking ahead ! It’s a nano-term mentality.

  9. David November 21, 2017 at 9:39 am

    Archy Perch,
    He that is without sin cast the first stone

  10. neal November 21, 2017 at 10:14 am

    Dear sir, you should first have someone explain to the Barbadian people what is a downgrade and the consequences that can follow, no one cares if Sorber or Rhianna had came from king David, or mars, the facts are, downgrade’s will hurt Barbados in big ways, and the poor is on the frontline “lower economic growth higher inflation, no one wants to lend you a red cent because your rating is saying, look! I don’t know if Barbados can pay us back, float a bond at the highest coupon rate and tell us the results, let me stop you can post this or not, some bajans don’t even know what GDP stands for so some people can tell fools any thing.

  11. milli watt November 21, 2017 at 10:20 am

    shaping up nicely…………GO PM GO PUSH IT ….GO PM GO. reminds me of my inter school days lolololol

  12. Concerned Man November 21, 2017 at 11:49 am

    “Rating agencies can only downgrade Barbados’ creditworthiness, its ability to borrow”… THIS IS A FACT …. and yes we have had numerous “downgrades” …… as a result of this our Government is unable to UPGRADE their financial position and, by extension, the well being of the people of Barbados suffers as a result of our Government’s INABILITY to function at a level where they can turn the downgrades into upgrades…. This is what I am waiting to hear… HOW will the Government turn this around. To speak boldly about the noun “Barbados” in a flailing effort at distraction from the real issue at hand is VERY disappointing to say the least….. We all know that “Barbados” can’t be downgraded …. but it can be DESTROYED!!!!

  13. Dick Tracy November 21, 2017 at 12:02 pm

    What else would you expect from a PM who doesn’t have a clue about anything! The downgrades come from the poor performance of the government in being able to run the country, and provide a better life for it’s citizens. The only things you can blame the citizens for is voting them in.

  14. Ossie Moore November 21, 2017 at 3:40 pm

    After election! Syndrome going come!! Nuff will moan and groan! Confusion for the first four weeks and then dem searching fuh who capable a wah and who got qualification fuh wah and wah! If prior planning and party counsil notes are not prepared for Cabinate appointees with due care and attention we will be in for another two to three months in the doldrums. Painters, printers and interior decorators will be the ones to taste the honey but most of all the land scapers and gardeners will always have something to do!

  15. Belfast November 21, 2017 at 6:02 pm

    And no doubt the Prime Minister got a standing ovation for this piece of collyfoxing.

  16. Belfast November 21, 2017 at 6:05 pm

    Quote from the PM: “The garbage does not belong to the Government of Barbados, the garbage belongs to you.”
    You are so right Prime Minister, you do belong to us.

  17. luther thorne November 21, 2017 at 10:46 pm

    Honourable Donvile Inniss is capable enough to become Prime Minister of Barbados. I am not talking foolisness Sir Leroy.


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