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The Tribune
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Volume: 119 No.219, October 7, 2022
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NEW MOODY’S DOWNGRADE Action taken over financing access fears By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was last night urged to “move more urgently to rev the engine” after Moody’s again downgraded the country’s sovereign creditworthiness over fears its access to borrowing is being squeezed. The credit rating agency, in slashing The Bahamas’ long-term issuer and senior unsecured ratings
to ‘B1’ from ‘Ba3’, cited the “higher degree of government liquidity risk” as the main justification for its actions. This, Moody’s explained, stems directly from the elevated borrowing (interest) costs that The Bahamas would have to pay to access bond financing on the international capital markets given the perceive greater risk in lending to this nation.
CURTAIN CALL FOR SHORT TALES 2022
BAHAMAS Power and Light’s CEO Shevonn Cambridge insisted yesterday that the reliability of the grid is “pretty high” amid concerns about BPL’s ability to provide consistent service as the fuel surcharge is set to increase next month. According to Mr Cambridge, while many consumers have concerns about recent outages,
in most instances bad weather has been to blame. While explaining the factors that have caused power disruptions, the CEO revealed that an aggressive push was underway to complete a 60-megawatt solar grid for New Providence. However, he could not say whether the project would be done within 12 months. Once complete, he said, BPL would be able to save $23m each year in fuel costs. SEE PAGE THREE
By LEANDRA ROLLE Tribune Staff Reporter lrolle@tribunemedia.net
THE Davis administration signed a heads of agreement yesterday with Azul Destinations Ltd and Calypso Cove Destinations Ltd for the development of an upscale resort and cruise port for South Long Island, estimated to cost some $250m. Speaking during a signing ceremony at the Office of the Prime Minister yesterday, Deputy Prime Minister Chester Cooper said the multimillion-dollar project will consist of a 200-bedroom hotel, mega yacht marina facilities, interior pools, casinos, a cruise port, cruise pier and 18-hole golf course, among other amenities. Mr Cooper also expressed optimism that SEE PAGE FOUR
GYMS ‘MAY RAISE FEES’ AFTER BPL BILLS HIKE
SEE BUSINESS SECTION
BPL CEO: RELIABILITY OF GRID ‘IS PRETTY HIGH’ By KHRISNA RUSSELL Tribune Chief Reporter krussell@tribunemedia.net
GOVT SIGNS HEADS OF AGREEMENT FOR $250M LONG ISLAND DEVELOPMENT
By LEANDRA ROLLE Tribune Staff Reporter lrolle@tribunemedia.net
THE SHAKESPEARE in Paradise family caps off its celebration of the return of live theatre to the Dundas with tomorrow night’s final performance of its “Short Tales” 2022. Over the last two and a half weeks, the theatre troupe has been staging nine new plays from seven Bahamian playwrights. A scene from one of the plays is pictured above. See Weekend section for more.
THE looming increase in electricity bills will likely force some gym operators still recovering from COVID-19’s impact to consider raising membership fees or making other adjustments to help sustain operations, according to fitness SEE PAGE THREE
‘VICTIMISED’ PUBLIC SERVANTS URGED ‘COME FORWARD’
By KHRISNA RUSSELL Tribune Chief Reporter krussell@tribunemedia.net
PRESS Secretary Clint Watson has urged public servants who claim victimisation to come forward and seek recourse through the proper channels. He made the comments yesterday after The Tribune published the anonymous accounts of a senior civil servant and an island administrator who claimed unfair treatment despite
CLINT Watson not being politically affiliated or facing reprimand at any time in their careers. Ahead of this, former Public Service Minister Brensil Rolle called on the
Davis administration to treat all in the civil service fairly while doubling down on a Free National Movement press release, which raised concerns over the issue. In response, Mr Watson had strong words for the former minister, suggesting he was only looking to gain “political points.” “As a journalist the very same issue I brought to the very same minister, the same former politician who SEE PAGE FOUR
Nassau & Bahama Islands’ Leading Newspaper
DIANE PHILLIPS:
ARCHITECTURE THAT HELPED SHAPE THE BEAUTY OF OUR COUNTRY
SEE PAGE NINE