I find it most interesting that over a year ago when Moody’s downgraded the Barbados credit rating to one notch above junk bond status and Standard & Poor’s followed a week or so later but maintained its own rating of the economy, the Barbados Government was very angry with Moody’s action.
The Government, on the other hand, praised S&P for understanding Barbados peculiar circumstances and the policies we were putting in place. In other words, Moody’s was seen as being aggressive, impulsive and unreasonably drastic; S&P was apparently more conservative and giving Government policies time to work.
Now last week, in the face of S&P’s downgrade, the Government is ironically lambasting the same S&P that they were “in bed” with a year ago, and now cozying up with Moody’s whom they were criticising. Any further downgrade by Moody’s would only have meant that both rating agencies see the Barbados economy as junk.
The difference is that S&P took a longer time and more gradual approach in coming to the same conclusion as Moody’s — Barbados’ economy in the short-term does not look good, is weakening, and with no prospect of a quick recovery.
— Carl Harper
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