Director of Communications in the Office of the Prime Minister, Latrae Rahming led a press event on Tuesday to address the country’s latest credit rating from Moody’s. The ratings agency has upgraded The Bahamas’ credit outlook from stable to positive.
Rahming said, “The Bahamas is back on solid footing and it did not happen by chance. Moddy’s cited our return to a budget surplus prospect, our declining debt to GDP ratio and the structural reforms we have put in place to improve revenue and control spending.”
While the credit outlook has changed, the B1 rating remains the same which means The Bahamas is a high risk borrower. Rahming said, “we are hopeful and positive that in the next six to twelve months that we can continue to see a further trending upwards with The Bahamas credit rating.”
The Moody’s report pointed out possible setbacks as regression in fiscal consolidation and failure to implement tax reforms.
