Affirming the Bahamasﾴ credit ratings, international ratings agency Standard & Poorﾴs believes that Hurricane Frances will have little impact on the nationﾴs economy.
“The Bahamas’ sound macroeconomic fundamentals and its moderate government debt burden provide a cushion to absorb the losses incurred as a result of the hurricane,” stated S&P analyst, Olga Kalinina.
As a result, S&P has affirmed its ﾑA-ﾑ long term and ﾑA-2ﾴ short term sovereign credit ratings, unchanged since they were initially issued in December 2003.
In addition, the agency was confident that Frances, which pummelled the many islands forming the Bahamian chain for 48 hours at the weekend in one of the worst storms to strike the country for a number of years, will have no adverse impact on either the financial services or tourism sectors ﾖ the twin pillars of the Bahamian economy.
Amanda Banks, Tax-News.com
