On Jan. 12, 2007, Standard & Poor's Ratings Services assigned its 'A-' long-term local currency rating to a debenture issued by Barbados (A-/Stable/A-2 local currency credit ratings) and due Dec. 31, 2018. The debenture totals Barbados dollar (BBD) 100 million and has a fixed interest rate of 8.5%. Local debt constitutes 68% of the total Barbados debt. An estimated BBD1.1 billion of the BBD3.4 billion in local debt (30%) is held by the National Insurance Scheme and the public sector social security fund. The local debt has a relatively long tenor, with maturities up to 20 years, at fixed interest rates--reducing interest rate, currency, and roll over risks. The relatively deep local market (for an economy the size of Barbados)
