The global economic crisis has pressured Barbados' economic and fiscal performance and had a negative spillover effect on its sovereign debt trends. We are lowering our long-term sovereign credit rating on Barbados to 'BBB' from 'BBB+'. We expect the combination of prudent policymaking and strong, cohesive social policies will help Barbados through difficult economic times ahead, in line with its 'BBB' rated peers. On June 10, 2009, Standard&Poor's Ratings Services lowered its long-term foreign currency sovereign credit rating on Barbados to 'BBB' from 'BBB+'. At the same time, we lowered our long-term local currency rating on Barbados to 'BBB+' from 'A-', and the foreign currency short-term rating to 'A-3' from 'A-2', while the local currency short-term rating was
