Who is Dr. Justin Robinson Trying to Convince?
Dr. Justin Robinson weeks after issuing a vacuous statement about the state of the NIS Fund is at it again. This time with an even more muddled and muddied message under the title CLOSER LOOK AT DOWNGRADES. The BU household tried- in vain- to understand the objective of Robinson’s exercise to explain what the credit rating downgrades mean for Barbados.
- Did the Barbados based company Sagicor have to redomicile to Bermuda because our tanking credit rating weighed heavy like an albatross around the necks of the shareholders?
- Is it a fact the international commercial banks cannot extend credit to a sovereign country with a risk weighting of C?
- Is it a fact the bond market will ignore Barbados as an investment option because respectable pension and mutual funds have exclusions in the terms which prevent fund managers from investing in junk?
- Is it true that Barbados has to borrow on the capital market to shore up reserves to cover maturing debt and this translates to higher cost to the borrower (Barbados)?
- Last but not least, how do 20 downgrades affect the confidence of a once proud nation?
- Please update Barbadians on the status of the project to have ALL of NIS Financials audited and presented to the PEOPLE!
- The people deserve to read the most recent NIS Actuarial Study for themselves. It is our damn fund and the management of it should be transparent!
Have a read of Robinson’s article and explain for 10 marks. Marks will be deducted if there is no working presented!