After a three-week trial which gripped the attention of the media and attracted widespread attention among the Turks and Caicos islands population, Cortez Simmons, the son and employee of Carl Simm
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CariCRIS reaffirms T&T’s high rating
Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed its ratings of the debt issue of US$500 million of T&T government bonds. According to the regional ratings agency, the level of creditworthiness of this obligation, adjudged in relation to other obligations in the Caribbean, is the highest and reflect T&T’s “strong, resilient and fairly well diversified economic structure”.
The ratings also reflect T&T’s “favourable external position evidenced by robust foreign exchange reserves and low external debt financing requirements,” the CariCRIS said. Also supporting the ratings are T&T’s “sound fiscal flexibility and relatively low public debt as well as its well regulated financial system with stable monetary and exchange rate policies. “These rating strengths are tempered by high, recurring non-energy fiscal deficits together with the heightened crime and an increasing perception of corruption,” the agency added.