S&P: Stable outlook for Barbados
Thursday May 05 2011 | 04:40 AM

THE outlook for Barbados remains stable as further improvements are being projected for the economy.

That’s what international credit rating agency Standard and Poor’s has said about the Barbados economy in a report on Tuesday. Standard & Poor’s Ratings Services said it has affirmed its ‘BBB-/A-3’ local- and foreign-currency sovereign credit ratings on Barbados. 

The outlook remains stable. 

In addition, Standard & Poor’s affirmed its ‘BBB’ transfer and convertibility assessment on Barbados. 

“Barbados is slowly recovering from the severe impact that the global financial crisis had on the country’s narrow and open economy,” said Standard & Poor’s credit analyst, Olga Kalinina. “After contracting in 2008 and 2009, the real economy rebounded slightly by 0.3 per cent, in 2010. We believe that the economy has bottomed out and that economic activity is now accelerating,” she said.

Real GDP increased by 2.8 per