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S&P raises Barbados' foreign currency ratings after debt exchange

S&P Global Ratings raised Barbados' long- and short-term foreign currency sovereign credit ratings to B-/B from SD/SD, or selective default, after the country completed a debt exchange Dec. 11.

Barbados exchanged $531 million in new 2029 bonds and $32 million in past-due interest bonds to holders of its U.S. dollar bonds that have been in default since 2018. Of the defaulters, approximately $677 million and accrued interest were outstanding.

S&P Global Ratings assigned B- issue-level foreign currency rating to the long-term foreign currency debt issued in the exchange. The rating agency also affirmed Barbados' long- and short-term local currency sovereign credit ratings at B-/B and its issue-level rating on long-term local currency debt at B-.

The ratings outlook on Barbados is stable.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.