The interim minister of finance, Charles Cooper, proudly celebrated Curaçao’s latest credit rating from S&P Global on social media, presenting it as a victory for the government and its economic policies. On paper, the message sounds positive: international confidence in Curaçao is improving.
But the celebration raises an important question: a victory for whom?
A credit rating from an agency such as S&P is not a measurement of the well-being of a country’s citizens. It answers a very specific question: can the government repay its debts? That is the metric investors care about. It is not designed to measure the daily realities faced by ordinary people.
In other words, a good credit rating may reassure financial markets, but it does not necessarily mean that life is improving for the average Yu di Kòrsou.
S&P primarily evaluates macroeconomic indicators. If tourism is growing, government revenues are increasing and public finances are becoming more stable, the rating improves. From the perspective of investors, that is positive.
But macroeconomic improvements can hide the realities on the ground.
Take inequality and poverty. Tourism may be booming and hotel revenues rising, but the benefits of that growth are not evenly distributed. Minimum wages often struggle to keep up with inflation, and many families continue to face rising living costs. For a credit rating agency, a growing GDP is positive even if large segments of the population see little improvement in their purchasing power.
Social spending presents another example. Programs designed to help struggling households are often viewed by rating agencies primarily as pressure on the government’s budget. The need to support vulnerable citizens becomes a fiscal risk in their calculations rather than a social necessity.
Housing and the rising cost of living also illustrate the disconnect. Increasing real estate prices and growing foreign investment are often interpreted as signs of economic dynamism. From the perspective of international markets, luxury developments in places like Jan Thiel or Blue Bay signal confidence in the island’s economy.
But for many residents, those same developments contribute to a housing market that is becoming increasingly unaffordable. Young families and middle-income earners are finding it harder to buy or rent homes in their own country.
That reality does not affect the credit rating unless it leads to serious consequences, such as social unrest or the departure of skilled professionals seeking opportunities abroad.
Governance and corruption are factors that rating agencies do consider, but even there the analysis is mainly economic. Issues such as bureaucratic inefficiency or integrity scandals are seen as risks to economic performance rather than moral failures.
Curaçao’s relatively stable rating also reflects the institutional oversight within the Kingdom. The Kingdom Council of Ministers and the College for Financial Supervision (Cft) play a role in monitoring the island’s finances. That oversight reassures international investors that financial discipline will be maintained.
This context matters when interpreting the rating.
Yes, the improvement signals that the government’s fiscal position has strengthened. Debt levels may be stabilizing, and tourism revenues are supporting public finances. These developments are important and should not be dismissed.
But they should not be confused with progress in the daily lives of citizens.
A credit rating measures financial credibility, not social prosperity. It tells investors that Curaçao is capable of meeting its financial obligations. It does not tell us whether families can afford groceries, whether young people can buy a home, or whether workers feel the benefits of economic growth.
Celebrating a credit rating as a political victory risks ignoring the deeper challenges facing the island.
The real measure of success for Curaçao should not only be whether international markets trust the government’s finances. It should also be whether economic growth translates into better opportunities, stronger purchasing power and a higher quality of life for the people who call this island home.
Until that happens, the celebration may feel premature.