Affirming the Bahamas’ credit ratings, international ratings agency Standard & Poor’s believes that Hurricane Frances will have little impact on the nation’s 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 ‘A-‘ long term and ‘A-2’ 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 – the twin pillars of the Bahamian economy.
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