Pintard: Moody's outlook doesn't match public mood

D espite a recent action by credit ratings agency Moody’s upgrading The Bahamas’ economic outlook to positive from stable, Free National Movement (FNM) Leader Michael Pintard said this is not being felt on the ground, where many Bahamians feel stressed over the high cost of living. “The Free National Movement takes note of Moody’s statement on The Bahamas’ most recent international credit rating,” said Pintard in a statement. “We note that the country’s actual rating remains unchanged at B1, and the economic outlook has improved from stable to positive.

“We welcome this development, which can be attributed in part to the fiscal discipline, legislative groundwork, and policy actions initiated under the former FNM administration. “Unfortunately, the mood on the ground among the Bahamian people is much less positive, as thousands of Bahamians face plenty [of] stress from high and rising costs, increased taxes, and fees. They worry about the direction of our country.



” Moody’s released its latest assessment on The Bahamas this week. Welcoming the news, Prime Minister Philip Davis said it shows The Bahamas “is regaining its financial footing and that the work we are doing is credible and impactful”. Moody’s said the country has demonstrated “meaningful” fiscal consolidation over the past two years.

It affirmed the country’s long-term issuer and senior unsecured ratings at B1, meaning The Bahamas remains at junk status and is viewed as a high risk borrower. Pintard also hit out at the government for taking a “victory lap on fiscal prudence” following the Moody’s assessment, despite lingering questions over the award of multimillion-dollar public contracts. Although he did not specify the contracts, Pintard was referring to the controversy surrounding the award of a $183 million no-bid contract to Abaco Caribbean Holdings — an affiliate of Bahamas Striping Group of Companies — for roadworks in West Grand Bahama.

The award was included on a recently published list of government contracts. Amid criticisms about the lack of competitive bidding for the project, the Office of the Prime Minister said last week the prime minister paused the contract, and it was included on the list due to an administrative error. Pintard said this explanation is confusing.

“Bahamians are baffled that the PM himself could claim that these hefty contracts were paused and administratively erroneously put forward,” he said. “He wants us to believe it was a mistake, that one of the largest direct award contracts made it on the list of contracts agreed upon by his government. “It’s no wonder Bahamians are in no mood to be gaslit, deceived, or falsely dazzled by the PLP PR machine.

They want the bell to ring, and so do we.”.