Our ratings on the sovereign of Barbados reflect its large fiscal deficits and high debt burden, as well as its limited fiscal flexibility and reliance on external financing. However, the country has a stable, predictable, and mature political system, which benefits from consensus on major economic and social issues, including support from the private sector and trade unions for the government's ongoing fiscal and structural adjustment program. Standard&Poor's Ratings Services expects the net general government debt burden to rise to above 70% of GDP in fiscal 2013 (ending March 2014) from 67% in fiscal 2012 and 60% in fiscal 2011. Barbados uses more than 13% of general government revenues to pay interest on its debt (excluding the interest
