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MoF comments on S&P’s rating update

The Ministry of Finance has issued a statement following Standard & Poor's decision to review the sovereign ratings update for The Bahamas in light of the Baha Mar bankruptcy protection filing. Read the statement here. 

Friday, July 3, 2015
Friday, July 3, 2015

Here follows a statement by the Ministry of Finance following Standard & Poor’s decision to review the sovereign ratings update for The Bahamas in light of the Baha Mar bankruptcy protection filing:

The Ministry of Finance has noted the statement by Standard & Poor’s on the sovereign ratings update for The Bahamas, in light of the Baha Mar bankruptcy protection filing in the United States courts. S&P analysts are scheduled to make their regular mission to The Bahamas later this month, at which time they will update their economic and fiscal assessment.

The Ministry of Finance welcomes the favorable review of progress made in improving the fiscal health of the government, particularly through the gains from the introduction of the VAT and disciplined public expenditure. These reforms will continue, in order to anchor a medium-term reduction in the government’s debt burden.

As been emphasized in other official statements, the government is committed to achieving a speedy resolution that would permit the works at Baha Mar to resume and the property to open without much further delay.

In the meantime, it should be noted that medium-term growth prospects for tourism are also grounded in capacity being added at other resorts in New Providence, Grand Bahama, Bimini, Abaco; and in significant investments other Family Islands. The quality and reputation of these resorts are anchored in international brands that will remain strong and continue to attract visitor growth.

Baha Mar has stated that it is extremely concerned that the Supreme Court of The Bahamas has decided to adjourn until July 7 the hearing of Baha Mar's application for recognition of the US bankruptcy proceedings. The developer said that the adjournment has "very troubling implications for efforts to complete construction of the megaresort and open successfully."

CCA Bahamas Ltd, a wholly owned indirect subsidiary of China State Construction Engineering Corporation Ltd and the general contractor for the $3.5 billion Baha Mar resort project, has issued a statement regarding the decision made by Baha Mar to file for bankruptcy protection. Read the statement here.

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