“Just how the place ended up like this — in a bankruptcy so colossal that it’s jeopardizing the Bahamas’s credit rating — is the biggest business story to hit this Caribbean nation for as long as anyone here can remember. Baha Mar may have been dreamed up in the vacationland of the Bahamas, but the central government in Beijing controls the development bank and construction giant that will determine its fate. It could be 2018 before Baha Mar makes a meaningful contribution to the economy, according to Standard & Poor’s, which lowered its Bahamas rating to BBB- and warned it could be heading for junk.”
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