On June 15, 2018, Barbados failed to make a coupon payment due on its foreign currency 7.25% notes due 2021, and we do not expect the government to make this payment. In line with our criteria for timeliness of payments, we are lowering the issue-level rating on these notes to 'D' from 'CC'. We are also affirming our long-term foreign-currency sovereign credit rating on Barbados at 'SD', and our 'D' issue-level rating on the 6.625% notes due 2035. Another three long-term foreign currency issue ratings and the local currency sovereign credit and issue-level ratings remain on CreditWatch with negative implications, reflecting our view that Barbados could miss payments on its foreign and local currency debt within the next three months.
