Most appropriate given the circumstances, is how the Cooperative Society Credit Union League describes the response by Eastern Credit Union to the annual surveillance process done by regional credit rating agency Caribbean Information and Credit Rating Services Limited.
In a media release on Friday, Eastern Credit Union said it is currently rated CariBB+ (Foreign and Local Currency Ratings) on the regional rating scale and ttBB+ on the Trinidad and Tobago national scale, with a stable outlook assigned.
Earlier in the week, CariCRIS expressed concern about Eastern Credit Union’s future “stability and financial performance.”
In the statement CariCris said “this Rating Action was taken as a result of ECU’s lack of cooperation with providing us key information requested to facilitate the completion of our annual rating surveillance report for the 2021/22 period, despite several attempts to obtain same,”.
In an interview with News Power Now, Mr Remy noted that Caricris is a rating agency and not a regulatory body for credit unions.
Mr Remy added he was advised that the agency had a working relationship with the ECU.