Premier boasts about favourable economic rating from regional body
Premier Andrew Fahie has claimed that his government received a double ‘A minus’ rating from the Caribbean Information and Credit Rating Services Limited (CariCRIS).
Speaking at a special press announcement yesterday, Fahie said the government has worked hard to manage the economy during COVID-19 and he has independent proof of the standards of the government’s performance.
“CariCRIS has publicly affirmed its issuance of CariAA- (Cari Double A Minus) rating on foreign and local currency on its regional scale for the government. Thanks be to God, the Virgin Islands has received an AA- from CariCRIS. One of the highest ratings that any country can achieve,” Fahie said.
According to the CariCRIS scale, the CariAA rating is the second-highest rating and means the country that receives this rating is considered to have very low credit risk with respect to the timely service of debt obligations.
The rating system also explained that the rating outlook can be ‘positive’, ‘stable’ or ‘negative’. Once a positive or negative outlook is attached to the rating, it does not necessarily indicate a rating change but there is a one in three chance that there can either be an upgrade or downgrade of the ratings assigned.
Fahie also that noted the Virgin Islands’ level of creditworthiness was rated higher than many other countries in the Caribbean.
“One of the factors that contribute to this rating, according to the CariCRIS, is the Virgin Islands’ prudent fiscal policy and the maintenance of low debt. CariCRIS also noted that while COVID-19 setback our economy’s recovery in the aftermath of the 2017 hurricanes, your government’s implementation of the various initiatives to protect income and stimulate economic activity help to expand GDP by an estimated 2.3 per cent in 2021 from the projected contraction of 9.5 per cent in 2020,” the Premier said.
“The Virgin Islands financial sector posted an improvement in 2021 as incorporation figure was back up to pre-pandemic levels. In 2022, real GDP expansion is forecasted, as tourism picked up and financial services activities stabilise, notwithstanding uncertainties brought on by the COVID-19 pandemic,” said Fahie, who is also the Minister of Finance.
He noted that these are the words of CariCRIS, an independent, well recognised and credible organization worldwide.
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For peace sake shut up. You have no clue what you are talking about. None! Most inept Premier
Where is the report? Not Andrew Faux’s words? This entity gives you what you pay for and is not an internationally recognized body like S&P, Fitch or Moody. Come again!
Do they know of the 40 million dollars that was given away during covid? no i dont think so
That rating agency has about as much street CRED is Helen Keller does in terms of running obstacle courses. Failed state replace monkeys with real bureaucrats that have skills and morals
How can the BVI get a “credit rating” when the Government has not produced audited accounts for years and has to rely upon stealing money from the SSB to cover its costs? Of course, an audit cannot be completed because so much money has disappeared without evidence of where it has gone. This comment is true about both parties. It’s time we just elected 13 honest people with a love of truth, integrity and the BVI in their hearts. Hardly any existing or declared candidate so far passes this test. So, who should stand? Suggestions please.
Does any one else see a connection between being a UK Territory with UK supervised restrictions on Government borrowing; and having a UK Governor; and having the benefit of the US Dollar and the BVI being more credit worthy than other Caribbean countries.
These other Caribbean countries are presumably independent and without any external supervision.
I wonder how BVI would get on with no supervision on spending and borrowing? I very much hope I don’t find out!
Some much BS. Good economics when you have to keep raiding social security ? Thats my retirement keep you’re grubby fat fingers off it !
We believe in our Premier & his government.