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(Barbados Today) Barbados has joined the group of countries whose dollar bonds yield more than ten per cent after Moody’s Investors Service said the island nation was likely to default, according to a story on the website of financial news provider, Bloomberg.

According to the Bloomberg article, yields on the US$255 million of notes due in 2035 rose 0.35 percentage points on Thursday to 10.23 per cent, joining securities from Venezuela, Mozambique and the Republic of Congo with double-digit yields.

On Friday, local brokerage firm WISE reported that the island’s debt due in 2022 was 10.19 per cent.

On Thursday last, in downgrading the long-term bond and issuer rating of Barbados to Caa3, Moody’s said: “We assess the likelihood of a credit event in the near-term as very high, given lack of fiscal adjustment and increasingly limited financing options.”

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