PM to tour Our Lucaya this week

Prime Minister Dr. Hubert Minnis.

Prime Minister Dr. Hubert Minnis is expected to travel to Grand Bahamas this week to tour the Our Lucaya property.

The government intends to purchase the property as the resort has remained closed since the 2016 hurricane season.

Although Dr. Minnis admitted that purchasing the report is not in the government’s best interest, he suggested that it is the only option left.

Members of the Opposition, however, believe that this move by the government can impact the country’s credit rating.

Earlier this week, Moody’s Investor Services maintained its Baa3 negative rating of the country.

With Baha Mar resort in full operation and the country on the rebound from the impact of the hurricanes, Progressive Liberal Party (PLP) Leader Philip Davis said, it was expected that the credit rating would have improved.

He expressed renewed concern about the impact of the rating with the purchase of the hotel in Grand Bahama.