CASTRIES, St. Lucia, CMC-Persistent and severe deterioration in government’s fiscal position and a resultant steady increase in debt stock are among reasons which the Caribbean Information and Credit Rating Services Limited (CariCRIS) has cited for its decision to downgrade St Lucia’s credit ratings.
CariCRIS is a regional credit rating agency, with a market-driven initiative aimed at fostering and supporting the development of regional debt markets.
In a statement the agency said it had downgraded its ratings on the government’s debt issues by one notch on its regional scale, taking it from B+ to B or CariBBB.