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VI economy gets top credit rating from regional entity

- CariCRIS gives VI a CariAA- credit rating
The [British] Virgin Islands has received a Double-A-Minus credit rating from the Caribbean Information and Credit Rating Services Limited (CariCRIS). Photo: VINO/File
According to Premier and Minister of Finance Hon Andrew A. Fahie (R1), a Double-A-Minus rating from CariCRIS is one of the highest ratings that any country can achieve. Photo: VINO/File
According to Premier and Minister of Finance Hon Andrew A. Fahie (R1), a Double-A-Minus rating from CariCRIS is one of the highest ratings that any country can achieve. Photo: VINO/File
ROAD TOWN, Tortola, VI- Despite the challenges of 2017 floods and hurricanes, the global pandemic and an imposed Commission of Inquiry that drained the public of its human resources, the resilient and astute leadership of the territory has done more than just kept the economy above waters.

The Caribbean Information and Credit Rating Services Limited (CariCRIS) has publicly affirmed its issuer ratings of CariAA- (Foreign and Local Currency) on its regional rating scale for the Government of the Virgin Islands.

This is independent proof of how the VI Government has managed the economy.

High level of creditworthiness for VI

According to Premier and Minister of Finance Hon Andrew A. Fahie (R1), a Double-A-Minus rating from CariCRIS is one of the highest ratings that any country can achieve.

“CariCRIS has rated the Virgin Islands’ level of creditworthiness as high compared to other countries the Caribbean, and projected a stable outlook. One of the factors that contributed to this rating, according to CariCRIS is the Virgin Islands’ prudent fiscal policy and the maintenance of low debt,” Premier Fahie explained in a statement on April 14, 2022.

He said CariCRIS also noted that while COVID-19 set back the VI’s economic recovery in the aftermath of the 2017 hurricanes, its Government’s implementation of a number of initiatives to protect incomes and stimulate economic activity helped to expand GDP by an estimated 2.3% in 2021 from the projected contraction of 9.5% in 2020.

According to the Finance Minister, the Virgin Islands’ financial services sector posted an improvement for 2021 as incorporation figures were back up to pre-pandemic levels.

Real GDP expansion forecasted for 2022

“In 2022, real GDP expansion is forecasted as tourism picks up and financial services activities stabilise notwithstanding lingering uncertainty brought on by the COVID-19 pandemic.

“These are the words of CariCRIS, an independent, well recognised and credible organisation worldwide.”

Premier Fahie said it is well known that pandemic restrictions in almost every jurisdiction in the world affected air travel and tourism but, as a result of the easing of restrictions globally and the world adjusting to a new normal, CariCRIS forecasts that Virgin Islands tourism is expected to rebound in 2022, though globally and locally it will take some time to reach pre-pandemic levels.

17 Responses to “VI economy gets top credit rating from regional entity”

  • who cares (15/04/2022, 10:19) Like (22) Dislike (3) Reply
    Who the hell is CariCRIS? If you want to compete on the international scale, Moodys and Fitch are the global gold standard. Ofcourse we still practicing this old man type of politics, small island way of thinking, and staying in a small box. Yea good luck enticing an investor for your proposed $100m+ projects and showing off your CariCRIS rating.
    • @Who cares (15/04/2022, 13:44) Like (8) Dislike (15) Reply
      A long blog that clearly defines the heart of a jealous, ungrateful, freeloader!
  • one eye (15/04/2022, 10:29) Like (7) Dislike (22) Reply
    Bvi and vip on the move
  • Lb (15/04/2022, 10:33) Like (26) Dislike (4) Reply
    What a joke! Where is the actual report? Why do we need the Premier to tell us what the report says? CariCris is a pay to play entity. You get what you pay for. Where is the Moody's report? Fitch? Standard & Poors?

    "But we should avoid the temptation to see any credit rating agency as a foolproof way to avoid default or for picking winners. If we had any doubt of this, the failure of credit rating agencies to prevent or warn of the impending failure of ENRON or WorldCom becomes difficult to explain. If there is any lesson from these incidents, it is that credit ratings are as useful as the quality of the information provided and the integrity of the accounting, auditing and regulatory standards applicable"
  • PT09 (15/04/2022, 10:44) Like (20) Dislike (4) Reply
    Andrew since you have such a Hight credit rating, why don't you leave the peoples money alone and go and get a loan? This is the second time time since you are in office you are looking to get a grant from Social Security someone need to stop you. Social Security should increase the payment to those on Social Security, I know some people who are only getting $600.00 per month, what can that do for anyone living in the BVI. LEAVE THE PEOPLES MONEY ALONE GO TO A BANK.
    • Islander, USA (15/04/2022, 13:24) Like (7) Dislike (0) Reply
      Good thing I make sure my Mom who have worked for over 30 years and is only receiving a measly $300.00 a month in Social Security benefits is being taken care of the right way. I make sure each month on the 1’st, I deposit $1,200.00 into her account to cover her other monthly expenses. $300.00 can’t cover a week worth of food.
    • AND? (15/04/2022, 13:54) Like (3) Dislike (2) Reply
      How often does other country and nations tap into their Social Security fund? Your argument is one-sided and weak, and you sound very Jealously bitter.
  • Musa bless Easter weekend (15/04/2022, 12:16) Like (0) Dislike (0) Reply
  • THE BIG GUY (15/04/2022, 12:18) Like (2) Dislike (0) Reply
  • PT09 (15/04/2022, 12:36) Like (0) Dislike (0) Reply
    $600 is to high.I know people getting $260 a month.
    • @PT09 (15/04/2022, 22:30) Like (0) Dislike (0) Reply
      Social Security is calculated on the basis of how much you contributed.
  • Mr. Please!!! (15/04/2022, 13:29) Like (12) Dislike (0) Reply
    Why do you always put us in low level positions and then brag about about how good it is. MOODYS & FITCH WAS THE WAY TO GO.
  • voter (15/04/2022, 21:54) Like (1) Dislike (1) Reply
    Thank you Andrew Fahie
  • Outside looking in. (16/04/2022, 07:43) Like (0) Dislike (1) Reply
    Them outside looking in. We inside feeling the heat,, We decide if our govt is good or bad.. I think our Govt is performing at an inconsistent level,. They started off as a B grade Govt, then they drop to a C-plus govt, then down to a C, Now they are back up improving to B -plus Govt, for that reason I think they deserve another term we are back on track..

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