PORT OF SPAIN, Trinidad, CMC—International credit rating agency Standard and Poor (S&P) has affirmed Trinidad and Tobago’s credit rating at BBB, an Investment Grade Rating reflective of the country’s credit strength.
Finance Minister Colm Imbert disclosed this, saying S&P has maintained its stable outlook for the twin-island republic.
In a statement, Imbert said the country’s external solid assets and stable institutions “support our Investment-Grade Rating.”
S&P points out that “the government’s large liquid financial assets mitigate the effect of economic cycles on the country’s public finances. S&P estimates these assets will represent about 47% of GDP during the outlook horizon.”
Consistent with the recently published views of the Minister of Finance, S&P anticipates some decline in hydrocarbon production in the near term, leading to a temporary decrease in revenue. However, significant improvement will occur in both the availability of natural gas and revenue as major new gas fields come on stream, in line with government projections.
“It is clear that the presentations made by the Minister of Finance and his technocrats at the Ministry of Finance to S&P during its annual credit rating visit earlier this year had sufficient credibility for S&P to maintain its investment grade rating for Trinidad and Tobago,” Imbert noted.
The Minister of Finance also commended S&P for its balanced and measured view of “our country and its validation of the Government’s prudent handling of the economy and sound management of our fiscal accounts.”
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