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Standard & Poor’s Lowers Barbados Sovereign to ‘B-‘ from ‘B’ (outlook is negative)

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worrell-sincklerBarbadians have become fatigue under the the constant negative feedback from armchair pundits and professionals like S&P. Where do we go from here? All the experts have painted a gloomy forecast EXCEPT the minister of finance Chris Sinckler.  Who are the citizens to believe Sinckler or all the other who are experts in the field.

The report from S&P explains the mouthing from Dr. Warren Smith who heads the Caribbean Development Bank who has advised government to privatize the Barbados Port Authority and Grantley Adams Airport. The following extract from S&P report confirms what the BU family has been writing about for a few years.

Who will act to stop the rot or it it too late!

However, usable international reserves, which we consider for assessing external liquidity, are even lower; we subtract the monetary base from international reserves because reserve coverage of the monetary base is critical to maintaining confidence in the exchange-rate regime. Barbados’ usable reserves have been negative since 2013, and the position continues to deteriorate, in part because of the central bank’s deficit financing, which has expanded the monetary base. We expect Barbados’ gross external financing needs to be above 200% of current account receipts (CAR) plus usable reserves. We expect narrow net external debt to average around 40% of CAR during 2016-2018. Our external assessment also considers that net external liabilities of a projected 170% of CAR during 2016-2018 are substantially higher than narrow net external debt. Finally, we note that Barbados’ International Investment Position has inconsistencies and is not timely.

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277 responses to “Standard & Poor’s Lowers Barbados Sovereign to ‘B-‘ from ‘B’ (outlook is negative)”

  1. Artax Avatar
    Artax

    You are creating the impression that when the DEMS assumed office in January 2008, Barbados was in turmoil, civil war or people were protesting/demonstrating on a persistent/consistent basis. And the DEMS implemented policies to “heal the social environment.”

    And by suggesting this is a SIGNIFICANT achievement of this inept DLP administration you are being DISINGENUOUS and SCRAPING the BOTTOM of the political barrel.

    What another load of shiite……… I suspect toilet paper is a commodity purchased in bulk by your household.

    The “initiative of securing the social environment of this country” where there has not been any “upheaval or chaos in the street” can be ATTRIBUTED to the Barrow, Adams, St. John, Sandiford and Arthur administrations as well.

    There weren’t any reports of “upheaval or chaos” during the terms of those administrations.

  2. Vincent Haynes Avatar
    Vincent Haynes

    millertheanunnaki September 27, 2016 at 10:10 AM #

    I think the informal economy may have also assisted……remember the saying for every one caught ten come through…..

  3. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    Ladies and gentlemen

    Periodically like yourselves de ole man does browse other sites to see the progress going on in the real world

    From time to time de ole man does come across some things that are informative and which are instructive and then some that are truly indicators of where we are and why

    I wish all of you to first go to this site http://www.independent.ie/incoming/in-pictures-turner-prize-exhibition-opens-with-giant-buttocks-brick-suit-and-a-train-35079189.html

    The article reads “In Pictures: Turner Prize exhibition opens with giant buttocks, brick suit and a train…”

    Here is the picture

    http://cdn-01.independent.ie/incoming/article35079178.ece/8ad0f/AUTOCROP/h342/Turner.jpg

    And then it hit the ole man and I went and compose Barbados’ own version of said exhibition and more specifically “Why we are where we are”

  4. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    @ Frustrated Business Man

    Thank you for the words

    http://imgur.com/a/E9gVQ

  5. Hants Avatar
    Hants

    THE DEPARTMENT of Emergency Management (DEM) is asking all businesses in Barbados to close by 6 p.m. today as the island continues preparations for an approaching weather system.

  6. Tron Avatar
    Tron

    Interesting comment on Barbados Today:

    “The night auditor in cahoots with front desk personnel at about three big hotels have a foreign exchange racket in place. they come to their shift with five to six thousand BDS dollars in cash. they exchange the cash for the US $ collected at the 1.98 rate, then carry out the US Dollars. and here’s the catch. they are selling the US $ at 3 to 1. to certain business houses. Taxi drivers are doing the same. We dollar got devalued already.”

    Devaluation even before the introduction of duty free shopping for all. Interesting.

  7. Hants Avatar
    Hants

    @ Piece Uh De Rock Yeah Right ,

    Your posters should made into an e book.

  8. Well Well & Consequences Avatar
    Well Well & Consequences

    A Canadian asked my daughter today why Bajans dont do the solar themselves, why they need Del Mastros and every 2 bit crook in the island for…….

    Seeing the solar concept was created in Barbados by a black bajan…why cant it be handled by locals who have been in the solar industry for decades…why cant they get the same or more concessions than would be given to the foreigners wh8 would be exporting the profits..

    ….he opined that.l8cal bajans would also be employing the locals and creating jobs and most of the money would remain in Barbados.

    This from a Canadian living in Cabada…who obviously has more commonsense than all the ministers combined.

    Look to your local community for investors…investors do not have to be all white or all foreign.

    Concessions and charity begins at home.

    Treat your citizens well…all your citizens, particularly your black citizens, you need them, they make up your majority, not the whites or indians or whatever……..,, and they will treat you well.

    Do not betray or sell them out for bribes and they will have your back.

    Yall in one hole because if ya stupidity…but that is your hole……Enjoy it.

    People been talking to yall for years…ya won’t hear…ya cuss the blogs…try to shut them down.

    bonne chance et une belle vie…..

  9. Tron Avatar
    Tron

    Long lines at gas stations and supermarkets.

    Is it hurricane “Chris” or devaluation?

    Does not matter much. Both take away your family, your house, your car, your existence.

  10. Colonel Buggy Avatar
    Colonel Buggy

    Well Well & Consequences September 27, 2016 at 2:56 PM #
    That is our culture.You recall a man called Frank Butcher who pioneered the manufacturing of steel bus bodies in Barbados? Some of the mini buses he made are still in operation, after some 20 to 25 years of service. Those mini and omni buses which the Barbados Government had opted to import,instead on giving ACME the opportunity to build, have been long gone, and, as they say in Barbados, had not lasted as long as a snow cone.

  11. Artax Avatar
    Artax

    Tron September 27, 2016 at 2:50 PM #

    “The night auditor in cahoots with front desk personnel at about three big hotels have a foreign exchange racket in place. they come to their shift with five to six thousand BDS dollars in cash. they exchange the cash for the US $ collected at the 1.98 rate, then carry out the US Dollars. and here’s the catch. they are selling the US $ at 3 to 1. to certain business houses. Taxi drivers are doing the same. We dollar got devalued already.”

    @ Tron

    This has been happening for years. I remember during the early 1990s the Indians/Pakistanis (“Coolie Men”) were buying US currency at BD$3 to US$1, from certain employees who had access to foreign currency (e.g. Front Clerks or Concierge).

  12. Well Well & Consequences Avatar
    Well Well & Consequences

    Yeah…I remember Frank well, I was a child, his steel factory was in Roebuck Street near the Globe Cinema. His workers were very skilled and that factory should still be operational and building buses..

    That is the same man Mark Maloney’s brother Stuart Maloney, stole money from his bank account when he was working at a bank in town….that was many years ago…so even back then…none of them wanted to see blacks prosper,…they would steal whatever they could het their hands on …….it has gotten even worse now, with the help of the slaves in parliament.

    Colonel…ya would think black people would learn.

  13. millertheanunnaki Avatar
    millertheanunnaki

    @ Tron September 27, 2016 at 3:31 PM

    What better way to stimulate economic activity through spending than by scaring the people through some imaginary disaster or otherwise. Lots of VAT and excise taxes will be collected today for sure.

    Chris can’t complain or try to find feigned excuses for not paying VAT and Income tax refunds before Xmas.

    The pray warriors have prayed for rain to ease the drought so God has heard their prayers and heeded their supplications.

    Why complain. It’s a pity they have not prepared for the deluge by cleaning the gutters of the tons of debris and clearing the wells that lead to the aquifers.

    To every action there is an equal but opposite reaction.

  14. Well Well & Consequences Avatar
    Well Well & Consequences

    Lol…let’s hope that the flooding, if any, is minimal.

  15. Artax Avatar
    Artax

    Colonel Buggy September 27, 2016 at 3:49 PM #

    That is our culture. You recall a man called Frank Butcher who pioneered the manufacturing of steel bus bodies in Barbados? Some of the mini buses he made are still in operation, after some 20 to 25 years of service.”

    @ Colonel Buggy

    When I was school boy, I remember ACME building bus bodies for the chassis of 1973 – 1974 Seddon Pennine; 1978/79/81 Leyland Albion Viking; 1982 Mercedes Benz OF1317 and the 1982 Mercedes Benz short wheel based omnibuses.

    ACME also built the body for the RBPF’s 1982 Leyland Albion Viking EVK55 bus, which is still in operation.

    Unfortunately, when the “ready built” buses such as the 1989 Mercedes OF1318 Jonckheere, 1990 Mercedes-Benz CAIO Vitoria and the 1992 Leyland DAF UTIC were imported and incorporated into the Transport Board’s fleet, the ACME bodied Seddon, Viking and Mercedes omnibuses were gradually phased out, but still in working order when they were driven to Mangrove Depot to “rust out.”

    Some of these units could have been refurbished and used specifically as school buses.

  16. Well Well & Consequences Avatar
    Well Well & Consequences

    Is there not even one intelligent government minister or politician in Barbados who think about doing anything solely for the good or prosperty of their own people.

    What a shame.

  17. Well Well & Consequences Avatar
    Well Well & Consequences

    https://nakeddeparture.com/2016/09/27/barbadians-need-to-dismantle-racism-in-the-interest-of-self/

    Piece….this is a different target audience, remember the 3-8 second attention span…..that is what you work with.

    Look out for the comments and you can understand your target and how the information will be disseminated.

  18. Tron Avatar
    Tron

    Here we go: The comment on the last downgrade

    “Visiting this country”? Must be a villa in Sandy Lane, surely not the dwellings of the masses.

  19. Hants Avatar
    Hants

    Its not what they say in front your face. It is what they discuss behind your back.

  20. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    Looka Fumbles.

    De ole man tired, after a whole day uh meetings, and ting.

    But you see dat video clip dat you do and dat Tron put up at 6:21 pm?

    I gine get de grandson download up and see effing he cud do some justice to whu you said AND you real real meaning!!

    You dun know dat de ole man and de grandson got you back!!

    Whu after dat commissioning dat de ole man get from AC of Legion look how religiously de ole man does feature you in tings and cartoons and videos!!

    BTW, I jes wants to know effing it is possible tuh get two invites to Llaro Court when all de white people dem come deah pun a Thursday and ting??

    De ole man wud bring long me cameras and tek some videos of you and de white people pow wowing and I may even lef a few remote listening devices at your place to record tings.

    So dat is de reason dat de ole man want to get two invites.

    One is to drop of de listening devices tuh record you business and de next one is tuh retrieve dem from Llaro.

  21. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    De grandson still at de bank till 8 pm

    So while we all waiting here is a treat for wunna

    Do not eat the fully looking ones doah

    https://youtu.be/8r1BdhULaIo

  22. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    Sorry

    Meant this one

    http://imgur.com/a/sO8EB

  23. Hants Avatar
    Hants

    @ Piece Uh De Rock Yeah Right – INRI wrote “De grandson still at de bank till 8 pm”

    He own de bank? I thought Barbados shut down at 6 o’clock. lol

    Anyway it seems the heavy rain is expected after mid night so grandson should be safe.

  24. Watchman Avatar
    Watchman

    @ AC

    This DLP Government has done nothing for, but everything to, a lot of poor people in Barbados, from day one your dead king attention was focus on self enrichment and making his friends rich ( he fly around in private jets ) your ugly in every form PM and his vampires Ministers are so curse, that we the people are collateral damage

  25. Tron Avatar
    Tron

    NEWS

    Hellenic parliament passed a bill on privatization of water and gas works.

    See ac, what the IMF commanded there. He will do the same here. Barbadian government MUST implement it sooner or later since there is a special special clause in the international syndicated loan contract with CS and others. Isn´t it?

  26. Well Well & Consequences Avatar
    Well Well & Consequences

    Did the ACs die, where are they hiding, they are awfully quiet….lol

    They had to get tired sometime.

    Can’t convince a fella…lol

  27. Gabriel Avatar
    Gabriel

    I think I heard comrade Hoyos call in to Brasstacks yesterday and reasoned with comrade Johnson( he is just like Comissiong,he calls a spade a spade becuz both of them acculturated in the southern caribbean states and they don’t differentiate because they didn’t have no albinos dominating them like the Bajans still have)that the rating agencies have a scale of 21 notches on the totem pole starting at AAA as no 1(top class risk,no problem)all the way down.The point of concern is that Barbados is at no 16 now, well on its way to notoriety and whatever else comes when junk becomes garbage.
    I think Mia should bring another no confidence motion and air all the missteps this lot is making.Punishing St Joseph for keeping faith with the BLP is no reason to make those citizens pay for non existent water.As Fats Domino sang”Ain’t that a shame”.

  28. Tron Avatar
    Tron

    The point of no return is reached when S&P moves to a C-grade like Moody´s. I predict, we will reach this point either in 12 or 24 months after the budget speeches. 12 months would be clearly preferable for the opposition to create the proper environment for the next election.

    A shortage of foreign currency would be best after next election to underpin the need for a fundamental reform of the public sector.

  29. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    Meanwhile, back at the ranch, another precedent that is notable while not instructive.

    “Board members at Wells Fargo have used the company’s clawback policy to recoup millions in compensation from top executives in the wake of a massive customer scam.”

    “CEO John Stumpf will forfeit $41 million in stock awards, not receive a salary during an investigation into the scandal and have no bonus for 2016, the bank’s directors said Thursday evening.”

    “Beyond the CEO, the clawback will also affect Carrie Tolstedt, a retiring community banking executive who oversaw that department where thousands of workers opened fraudulent customer accounts to meet quotas.”

    Would that the Government of Barbados and, wishfully, the incoming Leader of the Opposition could, as the next duly elected government of Barbados exercise this option through the powers vested in our laws, and which our Director of Public Prosecutions selectively administers depending on if you a not a Guyanese or a body named Bark at a Man, and prosecute these ministerial teifs and robbers.

    But that would set a precedence known as the Haman’s gallows

  30. Well Well & Consequences Avatar
    Well Well & Consequences

    http://www.barbadostoday.bb/2016/09/28/let-us-in/

    All of these decades and the credit unions, the most vital part of the banking ststem, because it’s owned by the majority people, have not been part of the business decision making in the country, their country.

    The credit unions just have to make sure that neither the leaders of the country nor their foreign/local parasitic investors can get their hands on any of the union members money, unless they are very heavily invested in the credit union.

  31. Well Well & Consequences Avatar
    Well Well & Consequences

    What the upoer management at Wells Fargo did was the worst act of criminality yet for 2016. Tgey set up employees they know are vulnerable and cannot refuse to do their jobs or be fired for insubordination………to take the fall for their reckless, thiefing decisions….5,000 employees fired….none of the upper management should get salaries for 5 years and then be fired….I would drag that investigation until forever.

  32. Well Well & Consequences Avatar
    Well Well & Consequences

    Piece….ah hope ya checking out the comments and reactions on the ND shatter racism blog, it gives incite into the minds of those who do not see a way out and will prepare you on how to get your posters to the people who do npt frequent BU because they do not like long winded debates.

  33. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    @ Well Well & Consequences

    Interestingly enough I first went to Naked Departure via a link posted her some months back when there was an imputation that our David [BU] was a lascivious Sankey Price

    I’ve been there 5 times since always from a link here last time to view Alex’s claims about victimization by the BRA and your last link.

    Here are de ole man s thoughts per the use of Naked Departure as a dissemination mechanism.

    1.The doctrine of the enemy of my enemy is my friend is well known and tried and sound.

    2.The DLP are the enemy of all patriotic Bajans so any mechanism to counter and erode their hold is useful strategy.

    3.Naked is seriously left field.

    insofar as it posts some radical stuff on “targets of interest” just like the Nation, and the Advocate and your star boy at Barbados Today.

    If it is prepared to post its opinions why then “super moderate” posts of “dissenting” opinions that are contra the original post?

    4.you might not know this but it is not everything that the Blogmaster does that de ole man agrees with. He and the members of the BU Household will tell you that I ent no sweetbread with my paranoid self BUT one thing that David has held to in his dealings with me and all of the posters here, is HIS ABSOLUTE COMMITMENT TO THE SECRECY AND CONFIDENTIALITY OF THE FAMILY MEMBERS.

    He does not get up one day and kick us to the curb.

    And I am confident that, should he ever sell BU he will (a) absolutely anonymize all of our IP addresses so that they don’t migrate to the new owners and (b) tell all the users about the sale so that we can choose to keep posting, or subtract ourselves from the matrix of “and there arose a king that knew not Joseph…”

    Sherri Veronica Exposed David once and they were professional colleagues.

    what you need to understand is that my nom de plume is “protected” by the process associated with the BU posting process.

    BU does not “validate your email address” at sign in, at least not prior to this year or more precisely when the ole man signed on, and consequently, in a court of law, any defamation charge CANNOT OVERCOME THAT HURDLE.

    Simply put, I can choose any name or nom de plume after I add my email address, like Jack Bowman does periodically, and no law court can definitively affirm that the poster of any comment, was you or me.

    While the “dissemination opportunity” is obviously much more prolific i.e. has a wider audience which favours the “Bajans Want Change” cause BIGLY heheheheheh the code that is required here, and that which David accords @ 2016, is critical.

    When this government changes the freedoms of social media in Barbados will see some serious challenges and major changes

    Barbados Underground is feared and hated by both the Democratic Labour Party and by Mia Mottley. Each one of us needs to plan for that.

    5.Finally, de ole man is not against spreading the message of Change be it by King (no pun intended) or poor man as long as certain conditions are met.

    I do have an option that safeguards all parties and permits the objective to be achieved but it will require certain protective undertakings at commencement

  34. Well Well & Consequences Avatar
    Well Well & Consequences

    I gpt ya Piece….the target audience of naked departure are not the BU regulars and it’s quite obvious other methods were used to draw those who have other interests other than long winded debates…but, they are actually the majority and sicieties most vulnerable whowe are trying to enlighten and protects.

    I am sure they count in the many thousands because of what holds their interest.

    Even if it’s a half second of attention span….like the ACs…lol

    I am sure the ACs spent the last 2 days on naked departure, they are noticeably absent…lol

  35. Well Well & Consequences Avatar
    Well Well & Consequences

    ….but, they are actually the majority on the island and societies most vulnerable who we are trying to enlighten and protect…..

  36. David Avatar
    David

    @PUDRYR

    Here is is BU was prepared to give a smidgen of doubt to the local citizenry.

  37. Anonymouse - TheGazer Avatar
    Anonymouse – TheGazer

    Crazy Conspiracy Theories
    The ACs has been trying new strategies over the past months. They even added strength to their bench. At this moment, they are probably reviewing the outcome of their recent efforts, and coming up with a more effective way to participate on BU.

    It is interesting to ponder what their new strategy will be..
    No new names for poster boy
    Create their own posters
    DC will always be painted as a socialist
    Do not have a prolong engagement with Artax and others. Hit and run
    The smart AC to submit post to BU (PKK?)
    And a blogger with Sand “n” characteristics — forgot her name

  38. Tron Avatar
    Tron

    Was at Barbados Central Bank. The golden doubloons in the entrance hall are gone. Hmmmm.

    What happened? Melted down and sold to the dentist for gold crowns? Sent to Zurich as a lien for the CS loan? Or what? AC, explain!

  39. Watchman Avatar
    Watchman

    @Anonymouse-The Gazer

    Walter PPK Blackman is posting comments as one of the AC, notice his MO,

  40. Well Well & Consequences Avatar
    Well Well & Consequences

    Well Well & Consequences September 28, 2016 at 11:26 AM #
    ….but, they are actually the majority on the island and societies most vulnerable who we are trying to enlighten and protect…..

    Piece…because of what holds their interests for just a few seconds…that is what makes them so vulnerable and in urgent need of enlightenment.

  41. Well Well & Consequences Avatar
    Well Well & Consequences

    BTW…what holds the most vulnerable, the majority, in the society’s attention so totally and steadfastly….is cultural amd can be attributed to the various socialization. ..post slavery.

  42. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    @ the Honourable Blogmaster

    Lololol.

    You can tell everyone here the real metrics of BU and the absolute terror that your site wreaks on the Democratic Labour Party.

    Yet you don’t.

    you respect the confidences of the blog, that is the character of the man that you are and that is what you demand of your “second” and others.

    We note the difference in the style of blogging and the words used during your absence but, notwithstanding your holidays, the principle of the blog permeates everything that is delivered here.

  43. Hants Avatar
    Hants

    Glad to see BU still working. Stay safe.

    “Minutes before 12, the strong tropical wave was upgraded, and within minutes, it began to bear down on the island with its 60 kilometre per hour winds.

    http://www.nationnews.com/nationnews/news/87483/districts-experiencing-power-outages#sthash.tymvLE86.dpuf

  44. David Avatar
    David

    @Hants

    A lot of rain and some good wind.

    On Wed, Sep 28, 2016 at 5:30 PM, Barbados Underground wrote:

    >

  45. Well Well & Consequences Avatar
    Well Well & Consequences

    What is wrong with these people, they have been warned to stay hpme but ya hearing reports that they are at the hot pot swimming, congregating on the streets, on other beaches…….drivng around on the roads. ..they are putting other people at risk, then the police and other first responders lives will be put in danger trying to rescue them should this storm go totally south.

    Listen…For once.

  46. Piece Uh De Rock Yeah Right - INRI Avatar
    Piece Uh De Rock Yeah Right – INRI

    @ Well Well and Consequences

    Here is what I can suggest for their active consideration

    1.it is noted that you and ND are conversant

    2.i do not know ND and would, until such time as a landing zone is built, want to vet the process.

    3.de ole man email is known to the Honourable One

    4.you use that and make the first contact via the Honourable One.

    5.Contact will follow and a few paranoid steps for you to confirm who you are and the primary to confirm their agreement

    6.we will work through some iterative steps that, in an optimal configuration, will seek to ensure mutual isolations, to safeguard respective interests and liabilities or simply put the mutual disclaimers etc

    De ole man and de grandson are disposed to talk for mutual benefit as long as certain conditions are met read dat de two uh we like soup and don’t wants to be examining prison pillowcases while calling Bubba endearments…

    Not One Effing Seat for the DLP

  47. Hants Avatar
    Hants

    @ David,

    I here listening to BrassTacks and it seems the “storm” is intensifying especially the wind.

    Stay safe.

  48. Due Diligence Avatar
    Due Diligence

    Tron September 27, 2016 at 6:21 PM #

    Here we go: The comment on the last downgrade

    Just to clarify, this is from April 2016 downgrade – not the latest one

    You gotta go to Canada to get comment on the September 2016 downgrade

  49. Hants Avatar
    Hants

    I heare listening to one of those special Bajans who talking bare shite about the weather. Fortunately Ellis politely and tactfully told him he is a brassbowl.

    Brasstacks can be very entertaining.

  50. Tron Avatar
    Tron

    @DD

    Indeed. “Last” (previous), not “latest”.

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