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(Caribbean 360 News) NASSAU, The Bahamas, Friday July 14, 2017 – International credit rating agency Moody’s Investors Service has threatened to lower The Bahamas’ Baa3 credit rating on the heels of a grim economic report delivered by the Hubert Minnis administration.

The government warned in the recent budget that the country’s weak fiscal position had been underestimated, and it forecast that the government’s debt ratio would worsen over the coming years.

Moody’s, which had projected The Bahamas’ debt ratios would have stabilized this year, said it has little choice but to rethink its position.

“Moody’s review will focus on evaluating the credit risks posed by ongoing economic and fiscal challenges, taking into consideration the recent revelations of fiscal deterioration as well as the new government’s proposals to arrest this deterioration,” the rating agency said in a statement.

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