Beware of credit rating agencies, warns MP James Paul

 

Barbadians are being told to be wary of regional and international credit rating agencies, as these entities only seek to exploit the country.

This message comes from the ruling Democratic Labour Party Member of Parliament for St Michael West Central James Paul, just 11 days after regional credit rating agency Caribbean Information and Credit Rating Services Limited (CariCRIS), handed the country its 23rd downgrade since the Democratic Labour Party (DLP) took office in 2008.

St Michael West Central MP James Paul

Despite the fact that there is consensus in the economic community that downgrades impact on the country’s ability to secure funding, Paul, who was speaking to party supporters during a branch meeting at the Lawrence T Gay School last evening, suggested that there were racially tinged ulterior motives behind the issuing of ratings.

“Circumstances happen and I am saying to you that the circumstances that this country faces are as a result of trying to cater for people. So credit rating agencies don’t tell you how well you are managing the affairs of the country. You think those people from Standards and Poor’s or whoever cares anything about us. We have this thing that because they come from the great white country that we have to respect them. Respect them for what? At the end of the day all they want to do is rape this country as much as possible,” Paul told the packed auditorium which responded with loud applause.

The St Michael West MP reiterated his party’s argument that a number of mitigating social factors, which results in the fiscal constraints of a country, are not taken into consideration by rating agencies.

“Credit ratings are what they are and it doesn’t define who you are. It doesn’t reflect the challenges that you face as a human being in terms of having to look after your children and their family. It is just a credit rating from somebody who doesn’t give two hoots about you,” said Paul.

“So when you hear the Barbados Labour Party (BLP) talking about this body give us a downgrade; so what? At the end of the day our people still eating, at the end of the day if they still want to go the hospital they are going to still get care, they could still get to school but the credit rating agencies don’t care anything about that. So why the heck should we care about what they say?” Paul questioned.

On January 10,  CariCRIS reported that it had lowered the island’s foreign currency rating by one notch from CariBBB+ to CariBBB- and its local currency rating from CariBBB+ to CariBBB.

CariCRIS suggested that while the island’s creditworthiness was still adequate, it took the decision to downgrade the island because of the sustained reduction in net international reserves which had fallen to the equivalent of 2.2 months of import cover as at September 2017, below the internationally recognized minimum of three months or 12 weeks import cover, with foreign currency commitments, including the Government’s amortized debt commitments, outstripping foreign currency inflows.

The latest downgrade occurred just three months after the New York based Standard & Poor’s lowered the country’s credit rating from CCC- to CCC, warning that there was now a higher risk associated with maintaining the currency peg to the US dollar.

57 Responses to Beware of credit rating agencies, warns MP James Paul

  1. Alwin Ellis
    Alwin Ellis January 22, 2018 at 1:17 pm

    Beware of stupid ministers

    Reply
  2. The Truth January 22, 2018 at 1:18 pm

    Wow. This man is a goat.

    Reply
  3. Ryan Bayne
    Ryan Bayne January 22, 2018 at 1:26 pm

    We must watch out for you because these ratings agencies are like our UWI and BCC headmasters and teachers.

    Reply
  4. Andria Eversley
    Andria Eversley January 22, 2018 at 1:27 pm

    Lol

    Reply
  5. Claire Battershield
    Claire Battershield January 22, 2018 at 1:50 pm

    I would more believe them than wunna. You all have a proven track record. Dont panic and look what happening. You are in safe hands and look. No one will be sent home and what happened?

    Reply
  6. Everick Holder
    Everick Holder January 22, 2018 at 1:56 pm

    James may Boy. I don’t know if you will read this, but here goes, “It is better to keep your mouth shut and let people think that you are an idiot, than to open it and show that you are indeed an ass. Note I did not say” an ar…se!

    Reply
  7. Helicopter(8P) January 22, 2018 at 2:00 pm

    The rated analysis spread sheet should have a standard format and standard questioneering principals ; if this qualification sheet cannot be published and transmitted to the candadate country where thorough transparency and corrective measures are outlined then what are the agencies who compile this data established for ? Is it a benifit to a free and fair democraticly rule country or a socialist environed state? We as a free people who exists in this global activity; need to know more on how the format for downgrading is formulated. I’m a member of the Global Village-2018 and desire to see planet earth benifit in a green social atmosphere rather than a capitalist overburdened, carbon choked brown spotted earth.

    Reply
  8. Randolph January 22, 2018 at 2:16 pm

    I hope his constituents downgrade him and give him his walking tickets.He talks about people still eating etc,but how? and how often?They want to starve the people first?This is unbelievable how these wicked people treat Bajans.

    Reply
  9. Cindy Bunting
    Cindy Bunting January 22, 2018 at 2:24 pm

    Why because they continue to downgrade Barbados’s financial position

    Reply
  10. Velma Langdon
    Velma Langdon January 22, 2018 at 2:32 pm

    Yes! We go to the hospital
    Spend hours before you see a Doctor
    When you do see a doc sometimes the equipment
    Is not working or they run out of med.
    If you do get admitted you have to wait long for a bed
    In the ward,sometimes you have to wait for a patient to get release for a vacant bed.
    Sometimes days in A&E wait to be allocated to a ward.
    You know what a family of mine was told you have to wait your turn when you get admit.
    Come on Mr. Minster
    Yes! Most of us have food on the table ,but there are people that don’t have also or if u have is the basic
    Cornbeef ex…no veggies or salads.
    Why do you think we have so much of sick people in Bim.
    We can’t afford to buy the nessesary things to keep us healthy.
    Because of all the taxes and so on.
    Listen to yourself Mr. Minster.

    Reply
    • Prince Shepherd
      Prince Shepherd January 23, 2018 at 8:14 am

      Them pass that stage long time so them can’t remember or understand that

      Reply
  11. Sue Donym January 22, 2018 at 2:51 pm

    “Why the heck should we care about what they say?…” Because investors and influential decision makers care about what they say, which is an assessment of what we are doing.

    If we have reason to think that a downgrade is given because of error or even some unprofessional practice or reasoning, then we’re free to say so. Other than that it makes us look like we’re sniping unnecessarily. The rating agencies are presumably rating other countries and if we can show why we don’t deserve the downgrade, then we should shout it. On the other hand we can’t allege impropriety if we don’t have current and clean economic and financial information – not that that would ever happen to us…

    Reply
    • Sue Donym January 22, 2018 at 2:53 pm

      New headline: Beware of MPs, warn rating agencies.

      Reply
  12. Neval Greenidge
    Neval Greenidge January 22, 2018 at 3:52 pm

    All the dummies airing..

    Reply
  13. Arthur Collymore
    Arthur Collymore January 22, 2018 at 4:03 pm

    Are Barbadians still brave enough to sit among this unsavoury bunch?

    Reply
    • Hermine Alleyne
      Hermine Alleyne January 22, 2018 at 5:45 pm

      My dad always said you should never get a carpenter to do heart , because the patient’s will die,we have a bunch of clowns in this Government,all they has done is perform for they base killing is with taxes,they can’t get the mess in CH.CH. Fix.

      Reply
    • hcalndre January 23, 2018 at 2:50 am

      if I were a DLP yard fowl, I would have gotten up, flap my wings and fly away before he finished spew any more of his sewage in that place. Who are the racist here, do the CariCris people look like you? Poor Paul! I wonder how many of that group came away believing you or the Credit ratings?

      Reply
  14. Tony Webster January 22, 2018 at 4:15 pm

    He just recommended himself for the coming spot of shadow Min. Of Finance.

    Reply
  15. Carson C. Cadogan January 22, 2018 at 4:16 pm

    Well said James.

    Reply
    • Lee R January 23, 2018 at 9:27 am

      Typical yardfowl response.

      Reply
    • Leroy January 23, 2018 at 10:12 am

      You do understand that we need usd and depend on persons who check ratings to invest?

      Yes or No?

      Reply
  16. Rico Seale
    Rico Seale January 22, 2018 at 4:32 pm

    Those rating agencies holds more weight than y’all ,if they say the country is bad for business the international market gonna take their word for it not Dems words!

    Reply
  17. Mervin Stevenson
    Mervin Stevenson January 22, 2018 at 4:44 pm

    amazing how they counted when they were in opposition. God help us if we default and see what the rating really means. Just like a bank foreclosing on peoples houses they don’t care but you still out of a house. Homeless and still on the hook for the payments. Explain that one to James once he done playing up in the waste end of agriculture.

    Reply
  18. Samantha Sealy
    Samantha Sealy January 22, 2018 at 4:58 pm

    I stay and observe in utter amazement as the ministers of government, of a small country that produces next to nothing on the world trade market, stand nonchalantly and blatantly inform its citizens that the country’s credit ratings mean absolutely nothing. Really though WHERE DID THESE PEOPLE COME FROM.???

    Reply
    • Ellie Brown
      Ellie Brown January 22, 2018 at 7:28 pm

      psychology-they never accept repsonsibility

      Reply
    • Prince Shepherd
      Prince Shepherd January 23, 2018 at 8:17 am

      Them statements are for de uninformed voter to run bout and spread

      Reply
  19. Ron January 22, 2018 at 5:36 pm

    such nonsense coming from an elected member of Parliament?
    No wonder we have had 23 downgrades.These people just not good enough to manage the affairs of this island,and to make matters worse the audience applaud such nonsense.
    we really have to get serious about the direction we are going and stop the blind support of political parties.

    Reply
    • harry turnover January 22, 2018 at 7:43 pm

      The audience or the YARD FOWLS and PALING COCKS.
      Just look at them though ,their expressions tell me that DEM doan want JUNE to come.
      This is wunna LAST MAS so enjoy it Clap and skin wunna teet now. After June DEM would be NO MORE…the BEES gine run all a wunna outa Parliament and a NEW OPPOSITION will be sworn in.

      Reply
  20. Tony Webster January 22, 2018 at 5:42 pm

    @ Samantha: I share your amazement. The simple truth is, WE put them there. We now have to remove them. Like how we are responsible for raising our kids: they either make us proud parents, or we hide in shame and ignominy. This Blessed rock, is evidently short on mirrors, into which we ought to look.

    Reply
  21. Elridge Dixon
    Elridge Dixon January 22, 2018 at 6:08 pm

    Blaming everybody but themselves for the colossal mess they have created.

    Reply
    • harry turnover January 22, 2018 at 7:47 pm

      ….and to crown it all the BEES would get the blame for kicking all of them OUT in JUNE.

      Reply
  22. Renaldo Skeete
    Renaldo Skeete January 22, 2018 at 6:23 pm

    Lmao. How many downgrades did the other Caribbean countries get within the same period then? Let me know cuz I don’t know.

    Reply
  23. Michael Brown
    Michael Brown January 22, 2018 at 7:26 pm

    Ellie Brown

    Reply
  24. Ellie Brown
    Ellie Brown January 22, 2018 at 7:27 pm

    what tax refund ??

    Reply
  25. Margaret Lorde
    Margaret Lorde January 22, 2018 at 7:40 pm

    Beware of the Deceitful Labour Party #votedemout

    Reply
  26. E Jerome Davis
    E Jerome Davis January 22, 2018 at 7:46 pm

    These guys talked so much junk on tv tonight, den. Tell them that the people do not need the BLP to make up their minds for them. The people are intelligent enough to make up their own minds.

    Reply
  27. Anton Brown
    Anton Brown January 22, 2018 at 7:57 pm

    I am done! You can’t even begin to explain these kind of idiots.

    Reply
  28. Sisi Greenidge
    Sisi Greenidge January 22, 2018 at 8:01 pm

    23rd downgrade?

    Reply
  29. Nathaniel Samuels January 22, 2018 at 8:40 pm

    Mr. Paul, I always wanted to give you the benefit of the doubt but you have opened your mouth and exposed all the ignorance you possess. The rating agencies are external and our banks are local. If you had financial problems, money was so tight that you did not have any extra after paying all your bills and you had to go to the bank to get a loan, do you think that you would be as easily accommodated if you had excess after paying all your bills? Barbados unfortunately is that country with no wiggle room and the agencies know that.
    Why do you bring race into your argument? It may be Black, Caucasian or Asian that you have to approach to get funding. I am sure if you had an offer of enough money from a white lending agency to wipe out our debt, you would not complain. I only hope that you and your party refuse to accept any assistance from white companies and that all the whites move away from you en masse in this coming elections.
    You have shown by your rhetoric and actions that none of you deserves to be in any corridor of power for a very, very long time.

    Reply
  30. Wesley bolden January 22, 2018 at 8:49 pm

    Yes. Beware of them, unless they tell you how you how abysmally you are managing things, or highlight your shortcomings. Yes beware of them then go with your condense milk tot in hand abegging.

    Reply
  31. Philip F. Corbin
    Philip F. Corbin January 22, 2018 at 9:11 pm

    This man James Paul continues with his idiotic statements. In what way are the rating agencies attempting to ‘ exploit’ Barbados ? They are simply presenting an opinion by which investors are guided.

    Reply
  32. Daisy Suzanne King
    Daisy Suzanne King January 22, 2018 at 9:17 pm

    These is the Most Igrantest government I have ever come across.This man can’t even get the eggs Bajan use at Christmas counted correctly and he play he know about do about Credit Rating Agencies!!! Stuppssee!!!! Goat Government

    Reply
  33. Mervin Phillips
    Mervin Phillips January 22, 2018 at 9:18 pm

    Is this a meeting at the Mental Hospital,cause we don’t care about downgrades or upgrades just ring the damn bell and it will be landslides.this is one party that don’t have a leader or deputy , the leadership died with david thompson and all that he leave there is thirds and fourths,no one there is capable of running no country.

    Reply
  34. straight talk January 22, 2018 at 10:02 pm

    I just hate to hear James Paul thee man is so damn sickening

    Reply
  35. straight talk January 22, 2018 at 10:04 pm

    A theft like michael Carrington talking bout morals.

    Reply
  36. Sherlene Phillips
    Sherlene Phillips January 22, 2018 at 10:39 pm

    Stupse…Vote DEM out…I tired hearing dem mout

    Reply
  37. Alex Alleyne January 22, 2018 at 11:53 pm

    A Country get 23 downgrades and you not worried ? , even if I got $23.00 in my pocket I worry. 23 of anything in the “negative” cause for worrying,…….BIG TIME.

    Reply
  38. John Dee January 23, 2018 at 12:43 am

    This is one of the many failings of democracy…..any fool can vote and when they do they usually tend to vote for clowns. In 2018, the blind continue to lead the blind.

    Reply
  39. hcalndre January 23, 2018 at 3:05 am

    I can now see why Barbados is going no where fast, is there a law in the land to muzzle people like Poor Paul? if there is? will some one do it before he spew anymore of his doodoo.

    Reply
  40. luther thorne January 23, 2018 at 3:24 am

    ENOUGH OF THE DLP

    Reply
  41. Job January 23, 2018 at 7:28 am

    My concern is with the audience. We boast of high literacy/ intelligence and yet so much applause at unsubstantiated nonsense? Where is the racism? Where is the exploitation? Credit rating agencies are an integral part of the lending considerations / decisioning. How can they be dismissed without reasonable explanation/ evidence?

    Reply
  42. John C Chapman January 23, 2018 at 7:35 am

    We act in hase he never said that we should not be concern about the rating agency he said it does not defind us as a nation and he is right. The US ewent through trillians of depth under George Bush and was not doengraded yet they continue and got out so then , he has a point that we missed.
    The point he mad eis this, if you have problem as a local person with payimng your bills your credit rating goes down, until you fix your personal finaces. It is the same witha government, as you work to solve the government , you get downgrade, some not nessary , but you dont give up you work to improve it. Yet people dont come to visit Barbados because it was downgrade it is because of the kind hearted people here. SO you local credit rating dont defind your personality nor do these people as well defind us as a nation. Just thtainterest rates on monies we as a nation borrow would be high

    Reply
    • Leroy January 23, 2018 at 10:20 am

      You bending into a pretzel to defend nonsense,

      I dont know what is worse, if Mr. Paul truly believes what he is saying or if he is trying to fool those voters into believing nonsense.
      But they sure are gullible.

      Reply
  43. Nicholas Mackie
    Nicholas Mackie January 23, 2018 at 8:10 am

    Credit rating agencies can be moody!

    Reply
  44. Deangelo Dixie Mayers
    Deangelo Dixie Mayers January 23, 2018 at 8:40 am

    You tell us beware of the credit agencies but yet want us invest in that new insurance company RH.

    Reply
  45. Adrian Kellman January 23, 2018 at 9:28 am

    All the people in the photo look over fifty.

    Reply
  46. Tony Waterman January 26, 2018 at 6:08 am

    If you were an Honest Man Mr.Paul, you would have told them to be wary of YOU,you have no Bloody idae what you are saying “FOOL”

    Reply

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