Ratings agency Fitch has upgraded Barbados’ credit rating.

In statement issued today Fitch Ratings announced that it has assigned Barbados a long-term foreign-currency issuer default rating of “B” with a stable rating outlook.

Fitch has also assigned a short-term issuer default rating of “B”, a country ceiling of “B” and senior unsecured debt level of “B”.

Fitch’s assessment gives Barbados high scores for governance and also cites a strengthened external liquidity position, a more favourable debt repayment profile, a good tourism recovery, as well as Barbados’ new ground-breaking IMF program.

Minister in the Ministry of Finance Ryan Straughn sees the upgrade as an expression of confidence in Barbados and an indication that the country is on the right track.

Minister in the Ministry of Finance Ryan Straughn.