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S&P Reaffirms FortisTCI Rating of ‘BBB’ Outlook: Stable

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Providenciales, Turks and Caicos Islands (Wednesday, October 21, 2015) – Standards & Poor’s (S & P), the world’s leading provider of independent credit ratings, at the conclusion of its recent annual review of FortisTCI (the “Company”), confirmed the Company’s investment grade credit rating of ‘BBB’ (Outlook: Stable). Most companies are issued a rating based on their financial strength, future prospects and past history. Companies that have manageable levels of debt, good earnings potential, strong management, and a good debt-paying record, will have good credit ratings. An investment grade credit rating means that the Company’s financial position will enable it
to meet its debt obligations.

The electric utility business is a very high capital-intensive industry and requires access to debt markets to fund capital investment projects over several years. Having an investment grade corporate credit rating enables the Company to attract debt investors. In 2014, FortisTCI was able to source ninety million dollars in the New York Debt Market, becoming the first local company to do so. In addition, it is acknowledged that the international investment profile of countries benefit significantly when privately owned companies in their jurisdictions are able to achieve investment grade credit ratings and access international debt markets.

The report issued by S&P revealed several strengths that helped FortisTCI maintain its ‘BBB’ rating. Including a simple cost-of-service style regulation, the ability to recover cost in a timely manner (including commodity costs), a strategic relationship with its parent Company, and the ability to produce stable cash flow. The report stated, “The outlook also reflects our expectation that there will be no material changes to the
licensing agreement and tariff structure.”

On the downside, S&P also reported that weakening in the Turks and Caicos Islands economy and unfavourable changes in the regulatory structure or operating license could have an adverse effect on the outlook. It assumed, “The regulatory structure is relatively stable, there will not be any major reforms to the regulatory structure and that
FortisTCI will not experience any material adverse regulatory decision.” FortisTCI President & CEO Eddinton Powell said, “We are pleased to have maintained our investment-grade rating, ensuring that we have access to funding essential to our operations. The support of our parent company, Fortis Inc., continues to be critical. At current projection, we forecast capital investments of approximately one hundred andthirty million dollars ($130,000,000), over the next five years, to meet expected economic growth and to sustain our existing assets. The utility business remains one of the most capital-intensive industries in the world and our service quality and reliability
depend on the level of investment we make.”

FortisTCI is a vertically integrated electric utility company and is responsible for generation, transmission, and distribution to almost 14,000 customers across the Turks and Caicos Islands. Future investments include new transmission lines to North Caicos, generation portfolio expansion, Grace Bay substation, Grand Turk facilities, and renewable energy infrastructure.

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STATEMENT FROM THE HONOURABLE C. WASHINGTON MISICK, PREMIER TURKS AND CAICOS GOVERNMENT

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#TurksandCaicos, May 22, 2024 – As Premier of the Turks and Caicos Islands, I assure our American friends that the Turks and Caicos Islands prioritizes hospitality, cultural exchange, and mutual respect.  You will find our doors open and our hearts eager to share the warmth and beauty of our homeland.  We value the trust and confidence travelers from around the world place in us when they choose the Turks and Caicos Islands as their destination.  Transparency and accountability are paramount in our operations, ensuring that our decisions are made lawfully and in the best interests of all residents and visitors.

The Turks & Caicos Islands welcome over one million visitors each year, more than half of whom are American.

Respect for the rule of law and an independent judiciary are key tenants of our justice system, and all persons are equal in the eyes of the law.  Judges are permitted to use their discretion in sentencing individuals who have been convicted of violating our Firearms law. In fact, in cases that occurred prior to the five cases that have generated media coverage, the mandatory 12-year minimum sentence has never been imposed by the Court because judges determined in each case that exceptional circumstances warranted shorter sentences.

Our justice system is designed to uphold the rights and freedoms of all individuals, regardless of their place of origin, while maintaining the security and integrity of our Islands.  Our judicial and law enforcement institutions are dedicated to impartiality and consistency in enforcing our laws.

Recent events have underscored the importance of adhering to the principles of justice and accountability.  Let me be clear: In the Turks and Caicos Islands, the law stands firm and applies to everyone equally, without exception.  Our commitment to the rule of law is unwavering and remains a cornerstone of our democratic values.

We are committed to providing a safe and enjoyable experience for all citizens, residents and visitors.

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EXCLUSIVE!  Police black CID Vehicle shot up by bandits in Five Cays

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Wilkie Arthur

Court Correspondent

 

#TurksandCaicos, May 15, 2024 – It was an uneasy night on Tuesday May 14 for some residents of Five Cays, Providenciales owing to continuous, serious fire power with gun shots blaring in various areas of the community.

Some say they heard shots in Granny Hill and reported a man walking around with a gun, randomly shooting at unidentifiable targets. Some say shots were heard behind the Enid Capron Primary School.  Some say they heard gun shot sounds coming from a residential area as well.

The most compelling accounts, however, were on reported events in another area called “The Wells”; a community in the depths of Five Cays and South Dock.

Criminals took on law enforcement in a gun battle involving the armored truck and a CID vehicle.

No members of the Royal TCI Police were hit.

Not the same for the other side.  One person was hit, a young man not known to police and it’s not clear if he was one of the men shooting at the police or an innocently caught in the crossfire.

The man was arrested as a possible suspect.  He is also in hospital with an “entrance and exit” gunshot wound.

During the shootout in The Wells, the CID vehicle was shot at repeatedly, disabling its movement as gunfire damaged the engine. Concerning to us, these shootings were at different times and locations but came in rapid succession; one right after the other, I was told.

Most described the sounds as coming “from some big guns.”

Police the morning after allowed me in to see up close.

Video, photos feature my EXCLUSIVE, close-up look at the damage done by criminals; it is clear high powered rifles were used by these suspects still at large.

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Charred Remains Found in Back Seat of Completely Burnt Vehicle

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Wilkie Arthur

Freelance Court Correspondent

 

#TurksandCaicos, May 21, 2024 – A gruesome discovery was made around midday today (Sunday, May 19th, 2024) when police and fire rescue teams responded to a call at a location on Blue Hills Back Road, off Millennium Highway. The area, situated next to the Fortis Sub-Station, is accessible via a long, secluded dirt road.

Upon arrival, authorities found a vehicle completely engulfed in flames. The vehicle was later removed by police after being alerted by an anonymous source to its burnt-out location. Local residents indicated that the fire had been ignited around 2-3 a.m. earlier that morning, but authorities were not notified until later in the day.

Residents could not provide details about the individual inside the vehicle or even discern its color due to the extensive damage caused by the fire. Videos of the discovery location are available, but footage of the vehicle itself will be provided once it has been located. The vehicle was reportedly still burning when police arrived at the scene.

Official Royal TCI Police Report:

Media Release – May 19th, 2024: Active Investigation Officers of the Royal Turks and Caicos Islands Police Force (RTCIPF) are currently on the scene of a vehicle fire in the Blue Hills, Providenciales area. Acting on received information, officers arrived at the location along North Side Close and discovered a burnt vehicle with what appeared to be a body inside.
The RTCIPF is conducting a thorough investigation to determine the circumstances of this incident. As this is an active investigation, more details will be provided to the public as they become available.

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