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THE BAHAMAS’ CREDIT RATING FALLS AMID EXTERNAL BORROWING CONCERNS

Bahamas Prime Minister Phillip Davis


October 11, 2022 | By Colin O. Jarrett |

Credit rating agency Moody’s slashed The Bahamas’ sovereign ratings from “Ba3” to “B1” but with a stable outlook.

In a statement Friday, the Ministry of Finance said the rating agency was concerned that the country’s elevated external borrowing costs could lead to more limited financing options if experienced over an extended period of time.

The country slipped from Ba2 to Ba3 last year with the rating agency citing significant erosion of the country’s economic and fiscal strength due to the COVID-19 pandemic.  In its country analysis last year, Moody’s revealed The Bahamas is scheduled to repay a total of $3.65B in debt principal ahead of the next general election in 2026.

In its statement on Friday, the ministry also noted Moody’s concerns over the government’s positioning to meet its obligations in the long-term, highlighting a more challenging period beginning in 2027.

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