Despite COVID-19 challenges, the Ministry of Finance says rating agency Standard & Poor’s has affirmed Trinidad and Tobago’s investment grade rating of BBB-.
The Ministry says this rating differentiates Trinidad and Tobago from most countries of the region and reflects the position of the country as a safe investment place.
It says unprecedented health, economic and financial challenges resulting from the different waves of COVID have prompted a vigorous and coherent policy response by the Authorities.
The Ministry says while S&P has affirmed the rating with a negative outlook in light of such exceptional headwinds, it has kept the view that conservative and competent policy management, including large financial buffers, attested to the high shock absorption capacity of the country.
In a media release, the Ministry says the rating agency highlighted “unlike many commodity exporters, during the boom years Trinidad and Tobago saved excess fiscal revenues”.
Minister of Finance, Colm Imbert, said “this decision validates our strategy to support the economy in the short term while having a clear plan to put our public finances back under control”.