Turks and Caicos Maintains Sovereign Rating Post Hurricane Irma and Maria

/Turks and Caicos Maintains Sovereign Rating Post Hurricane Irma and Maria

Turks and Caicos Maintains Sovereign Rating Post Hurricane Irma and Maria

 

“Most rated Caribbean sovereigns will likely weather the effects of a bad hurricane season”, advises the global rating agency Standard and Poor’s in their bulletin issued on 30th October 2017.

In the bulletin (see attached) S & P outlines that out of their rated Caribbean island sovereigns, most escaped unscathed.

However, several were not so lucky; some even were affected twice. These included:

  • Turks and Caicos Islands (TCI; BBB+/Positive/A-2)
  • Montserrat (BBB-/Stable/A-3)
  • The Bahamas (BB+/Stable/B)
  • Dominican Republic (BB-/Stable/B).

Currently the TCI maintains a BBB+ sovereign rating, which is a strong factor in attracting foreign direct investment to TCI and building confidence amongst its existing business community.

In the recently issued bulletin S & P advises that TCI has a strong fiscal position which will allow the territory to absorb the cost of the hurricanes without significantly affecting the credit quality.  S & P further stated that as a result of TCI not having any outstanding commercial bonds in the market, and its gross debt being less than 3.4% of GDP, they were of the opinion, these factors provide TCI with ample flexibility to respond adequately to the hurricane’s aftermath.

RatingsDirect News Oct 2017

 

END

Government Press Office

Waterloo Road, Grand Turk

Turks & Caicos Islands

Tel: (649) 338-3924/ 338-3925

Ext: 3924/3925

Email: tcigpressrelease@gov.tc

2017-12-08T15:58:12+00:00