We expect Barbados' economy will significantly contract in 2020, spurred by a drastic decline in tourism receipts due to the COVID-19 pandemic. However, the completion of foreign and local currency debt exchanges in 2019 and 2018, which contributed to more sustainable debt service, together with financing from multilateral lending institutions, limits Barbados' near-term payment risks, in our view. Therefore, we are affirming our 'B-/B' long- and short-term sovereign credit ratings on Barbados. The outlook is stable. On April 16, 2020, S&P Global Ratings affirmed its 'B-/B' long- and short-term sovereign credit ratings on Barbados, and its 'B-' issue-level ratings on Barbados' debt. In addition, S&P Global Ratings affirmed its 'B-' transfer and convertibility assessment. The outlook is stable. The stable
