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Fitch gives TCI AA+ rating; S&P results still to come

S&PProvidenciales, 15 Jun 2015 – Standard and Poor’s ratings are likely due in soon for the Turks and Caicos; this is the group which last year gave the TCI a BBB+ rating, which ranks as a leader in the region. But ahead of that information coming, a published report from Fitch says it has affirmed the “UK Government Guaranteed Turks and Caicos Islands’ USD170m 3.20% notes at ‘AA+’. This is an extremely positive prognosis as the country next year seeks to refinance that UK guaranteed loan and in recent weeks welcomed in a team from the S&P to give a 2015 assessment of the islands fiscal performance. All indicators are that the Turks and Caicos will get a good re-finance deal next year; better repayment terms and that will mean less strain on TCIG to repay the monies which were borrowed to manage government expenditure and to pay off a colossal debt said to be created and left behind after the Mike Misick led PNP Administration.

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