The ratings agency Moody’s Investors Service in its latest rating assessment of The Bahamas, maintained its Baa3 negative rating, which is unchanged from its previous report. I am pleased to report to the country that this independent assessment reflects stabilization in our sovereign credit profile following four years of successive rating downgrades. This represents a critical first step in addressing and reversing years of fiscal mismanagement.

As outlined in the recent budget exercise, the Government’s combination of economic initiatives, including: the introduction of focused fiscal measures; the imminent introduction of fiscal responsibility legislation; moves to stimulate domestic economic growth through support for Bahamian entrepreneurs and small businesses; and the substantial pipeline of major investment within the country will lead to strong and sustained economic growth and a stable macro-economic trajectory for the country.

The Government of The Bahamas remains committed to executing its economic agenda to stimulate growth, contain expenditure and restore fiscal health to public finances.