Last Updated on March 14, 2020, 6:07 AM AST by Anthony Morris
The Standard & Poor’s (S&P) has warned The Bahamas that The Bahamas is face to face with a chance of a further downgrade to its sovereign credit rating within the upcoming year.
The credit rating agency had maintained The Bahamas’ creditworthiness at a score of “BB+/B”. The outlook of the agency and its actions and analysis appear to depend almost entirely on the fiscal blow that was given to the country by Hurricane Dorian with the coronavirus pandemic is being seen as only a secondary factor.
Some observers have said that the downgrade may come for the country even before the projection made by S&P as The Bahamas’ primary job and economic growth sector is tourism.
Due to the pandemic outbreak of COVID-19, the tourism sector has been facing cancellations and postponements.
Robert Myers, the principal of Organisation for Responsible Governance(ORG), said that It’s not like it is bad enough already.
He said that The Bahamas is already in another crisis. He added that both the ordinary citizens and the government needed to prepare for a storm which would be created by a combination of a pandemic and a category five hurricane.
He added that his only comment would be that according to him, the data [S&P report] does not accurately reflect today’s news.
He further added that The Government of The Bahamas, as well as the citizens of The Bahamas, should prepare themselves, and prepare themselves, for another storm.
He said that this means that the country is in another crisis. He said that he hates to say it, but the country is in a crisis. He also said that there’s going to be some panic.
He said that if that does not happen, the country should consider itself lucky.
He said that the country needs to be optimistic, but it’s getting tougher day by day.
Mr Myers also said that S&P’s latest Bahamas report could be subject to reappraisal very quickly, even in an upcoming couple of months, and the new report could be very different from this one, It all depends on what happens with the coronavirus.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
