Grenada's economic rating under scrutiny
by Leroy Noel
Tuesday, April 6, 2004
ST. GEORGE‘S, Grenada: Questions are being
raised about Grenada's economic rating as reflected in the Institutional
Investor Magazine. A release from the
government stated that Grenada’s ability to improve its creditworthiness is
the key factor, but opposition figures here are questioning the ratings saying
its pure propaganda. According to the
magazine during the period September 2003 to March 2004, Grenada ranked second
out of 172 countries for improved creditworthiness, receiving an 8.9 point
increase. For the period March 2003 to March 2004, Grenada ranked fourth out
of the 172 countries surveyed, with an 8.5 point increase.
It added that Grenada ranked 67th with a credit rating of 42.8, reflecting the
six-month change of 8.9 and the one-year change of 8.5 points.
In its March 2004 edition, the Institutional Investor Country Credit scorecard
recorded a regional rating increase of 3.1 points for Latin America and the
Caribbean, compared to Grenada’s 8.9. Within the region, Grenada jumped from
13th to 8th, passing Brazil, Peru, Colombia, Guatemala and Belize. On a global
basis, Grenada moved from 81st to 67th.
The credit ratings the government says are
based on information provided by senior economists and sovereign risk
analysts. Countries are graded on a scale of zero to 100, with 100
representing those countries with the least chance of default
This rating, government officials say, follows Grenada’s strong economic
performance in 2003, during which the economy grew by 5.7 percent, compared an
average in the Organisation of Eastern Caribbean States of 2.4 percent.
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