Barbados has made considerable progress in strengthening public sector finances, generating fiscal primary surpluses, and lowering the sovereign's debt burden. The government has also undertaken pension reforms, mitigating age-related spending pressures. Therefore, S&P Global Ratings raised its long-term local and foreign currency sovereign credit ratings on Barbados to 'B' from 'B-', and affirmed its 'B' short-term ratings. The positive outlook reflects the likelihood of another upgrade if the government continues to implement policies that support balanced economic growth and stronger public finances, which would create a policy track record that would indicate a more favorable institutional assessment. On Nov. 5, 2024, S&P Global Ratings raised its long-term local and foreign currency sovereign credit ratings on Barbados to 'B' from 'B-',
