The big issue, and the probable reason for Moody's pessimism, is the reluctance of the Island government to accept the loan demands of both Holland and the World Bank for what amounts to financial oversight. Knowing the history of the St Maarten Government, they are right to demand it, and eventually they'll get it, or the Island will simply die.
It's a very sad, but very predictable situation. Back in the 80's, when the Island was part of the Netherlands Antillies, they were placed under "higher supervision" by the Dutch Government because the books never seemed to balance.
Phil