The ratings on Barbados are supported by: Responsible government spending targeted toward infrastructure and education, resulting in a well-skilled population and GDP per capita of approximately US$10,000 (slightly below that of the 'A' median). Political stability underscored by broad agreement on sound economic and social policies. A collaborative relationship between government, business, and labor unions helps maintain external competitiveness. A favorable external position. The public sector's net external debt is expected to be a modest 5% of current account receipts in 2003. The ratings are constrained by: Higher budget deficits and general government debt burden. Weakened growth prospects could reduce government revenue and make substantial expenditure cuts more difficult to implement. Vulnerability to negative external factors. As a small, open
