The Barbados-based Caribbean Development Bank (CDB) says it welcomes the Standard and Poor’s (S&P) revision of the bank’s outlook from “negative” to “stable” and affirmation of its “AA/A-1+” status on long and short term foreign currency ratings.
The US-based rating agency had earlier this month reviewed the CDB’s 2013 results and that the decision to change the bank’s outlook had been based on the abatement of external liquidity pressures among some of the Bank’s largest borrowers as well as “high capital adequacy with a risk-adjusted capital ratio of 23 per cent as of December 31, 2013 to offset the significant embedded credit risk in its portfolio”.
S&P also noted the CDB’s “strong” business profile and its “very strong” financial profile as well as its role as a prominent lender in the Caribbean and ability to lend to sovereigns through the credit cycle.
CDB also maintains a strong “Aa1” rating with Moody’s Rating Agency which in November 2013 revised the Bank’s outlook from “negative” to “stable”.
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