Business leaders are throwing their weight behind Wall Street's concern over the government's plan to regain majority control of the Bahamas Telecommunications Company (BTC).
Rick Lowe, the vice president of the Nassau Institute, a local think tank, noted that parent company Cable and Wireless Communications (CWC) has made a "huge investment" in recent months upgrading the network.
He felt Moody's probe into how the government intends on paying for the shares is valid, in the sense that "they will not get it back for what they paid for it".
"The government can't force them to sell. I suppose they can attempt to force them to sell, but then there would be huge ramifications," Lowe said.
The Nassau Institute said the government is viewing BTC is a potential "cash cow" to alleviate its debt woes.
Last week, Geoff Houston, the CEO of BTC, said the government is already receiving almost double the revenue from its current 49 percent ownership than it did prior to the sale.

Winston Rolle, the CEO of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), questioned whether government control of the country's mobile services provider is indeed in the best interest of Bahamians.
He said the government "does not have a good track record" when it comes to making business decisions and running profitable entities. Debate has also swirled of late regarding the possible privatization of the Bahamas Electricity Corporation (BEC).
He agreed with Moody's skepticism on the government's ability to buy back the country's only mobile services provider.
"Let's face it, the only way you can buy it is if you have a willing seller," Rolle said. "If CWC isn't open to selling its two percent, or however much, then it will be very difficult for the government to buy it back. We have some major deficit issues that we're trying to overcome. Where is the money coming from?"
That was the question asked by Moody's on Tuesday, when The Nassau Guardian exclusively revealed a probe into the apparent negotiations for re-nationalization.
Edward Al-Hussainy, assistant vice president and analyst at Moody's, confirmed that he has reached out to the Progressive Liberal Party (PLP) to discover not just how the financing would work, but also whether it would be in the best interest of the country.
"To me it is not clear. As far as I can tell, it (BTC) is quite profitable, it's not in dire financial straits," he told Guardian Business from New York.
Earlier this week, Prime Minister Perry Christie revealed his hand-picked team to negotiate with CWC executives this month. Businessman Franklyn Wilson, former Attorney General Sean McWeeney, attorney Rowena Bethel and former BTC CEO Leon Williams make up the Bahamian team.
CWC purchased 51 percent of BTC in April 2011 from the previous government.
And in keeping with its opposition last year, the head of the Bahamas Communications and Public Officers Union (BCPOU) is, for his part, supporting the drive by the current government.
"I hope what comes out is best for the Bahamian people," said Bernard Evans at BCPOU Hall.
"We always said this was not a union matter, but a national matter. We have all the talent right here in the country to carry it to the next level."
Evans said he was "not surprised" by the government's formal announcement of negotiations this month. He said many Bahamians supported the Progressive Liberal Party (PLP) in the general elections based on this aspect of its platform, which the PLP government is now following through with.
Lowe from the Nassau Institute said following through, however, will have its consequences. This recent development involving Wall Street "ups the ante", reminding Bahamians we are part of an international community.
"We have signed onto tons of multilateral agreements, and we have debt obligations," he added.
He also expressed concern over the attention The Bahamas is receiving from international investors, much of which may not be favorable.
"Why would I want to invest here? Everyone has to change the way they do business. You are attempting to take a business back from the private sector," Lowe explained.

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