Jun 2016 Financial News

T&T downgraded again

Jun 28, 2016

Regional ratings agency Caribbean Information and Credit Rating Services Limited (CariCRIS) has lowered the regional-scale ratings of T&T’s Government by one notch from CariAAA (Foreign & Local Currency Rating) to CariAA+, with a negative outlook.

The agency said the downgrade reflects constraints faced by the fiscal accounts which been severely impacted by low oil and gas prices, as well as the significant negative macroeconomic impacts on economic growth, the Balance of Payments and unemployment.

“The ratings are also challenged by the lack of reliable macroeconomic data which could hamper efforts to engender an economic turnaround,” the agency added.

CariCRIS said, however, that the level of creditworthiness of debt issued by Government adjudged in relation to other debt obligations in the Caribbean is still high.

Source:
Trinidad Guardian
Tuesday June 28, 2016