Friday, April 10, 2020

Moody’s: Bahamas rating under review for downgrade

By Natario McKenzie

NASSAU, BAHAMAS — Credit ratings agency Moody’s is predicting an eight percent contraction in local economic activity this year due to the COVID-19 fall-out, and has placed the country’s Baa3 rating on review for downgrade.

Mo0dy’s noted that the decision to place The Bahamas’ ratings on review for downgrade “reflects significant risks to its economic and fiscal metrics as a result of the coronavirus outbreak”.

It continued: “The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets.  Read more >>