S&P Cuts Barbados

S&P has lowered the credit rating of Barbados to BB minus from BB+, is says. The island faces mounting external pressures associated with a widening current account deficit, external financing challenges, and a high fiscal deficit. S&P finds this is largely due to a decline in government revenues as a result of the weak economy. The government debt level should top 70% of GDP in 2013, up from 67% in 2012 and 60% in 2011. The outlook is negative.