International ratings agency, Moody’s, has confirmed Trinidad and Tobago’s credit rating at Ba1, according to a news release from the Ministry of Finance.
In the release, the Ministry observes that this rating is “one of the highest in the Caribbean region”.
Minister of Finance Colm Imbert observes that Moody’s has simply changed the outlook to negative for T&T, while downgrading a number of oil and gas exporting countries all over the world.
“Moody’s decision to keep the rating of Trinidad and Tobago unchanged is a testimony to the resilience of the country, in the face of unprecedented shocks”, says Minister Imbert. “The COVID-19 crisis combined with the collapse of oil prices have led rating agencies to change the rating of a very large number of countries.”
The finance ministry notes that the country’s shock-absorption capacity “has been enhanced by a bold and pro-active policy response”. It explains that the rating stability owes in good part to the track record of the government, which responded to the previous oil shock post 2015 in a way that, according to Moody’s, exceeded its expectations.
Finance Minister Imbert says it is the intention of the government to continue to preserve what underpins Moody’s credit rating.
“We will preserve our sizable fiscal buffers, low liquidity risk and limited external vulnerabilities,” he asserts. “Each of them protect the population of Trinidad and Tobago throughout exceptionally adverse global circumstances,” he added.