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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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Bahamas News

Nassau Opens CDB Annual Meeting at Baha Mar This Week

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NASSAU, BAHAMAS — Regional policymakers, development financiers, economists and international partners are converging on Nassau this week as the Caribbean Development Bank (CDB) stages its 56th Annual Meeting at the Baha Mar Resort from June 1-5, 2026.

Held under the theme, “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” the gathering is expected to place The Bahamas at the center of discussions on some of the region’s most pressing challenges, from climate resilience and energy security to debt sustainability and economic growth.

At the launch of the annual meeting on March 19, CDB President Daniel Best underscored the importance of bringing together leaders from across the Caribbean and beyond at a time of global uncertainty.

“The Annual Meeting provides a strategic moment for the Caribbean, an opportunity for our leaders, governments, development institutions, private sector, youth, and international partners to come together to identify practical solutions that can help the Region navigate uncertainty while unlocking the opportunities that lie ahead,” Best said.

The conference host, newly named Bahamas Minister of Finance and Chairman of the CDB Board of Governors, Michael Halkitis, also emphasized the significance of the event during the March 19 launch ceremony.

“Today’s gathering marks more than the start of preparations for an important meeting. It represents the beginning of a renewed conversation about the future of the Caribbean, about our shared aspirations, our common challenges, and the partnerships that will shape the path forward for our region,” Halkitis said.

He added: “Hosting the 56th Annual Meeting of the Caribbean Development Bank here in Nassau provides an important opportunity to strengthen partnerships and advance meaningful dialogue on the future of the Caribbean.”

Over the five-day meeting, delegates will tackle major issues including energy transition and resilienceinnovative debt solutions for Caribbean economies, and the impact of global economic shocks on regional development.

The programme features a number of high-level events including the Youth FIRE Forum, the William G. Demas Memorial Lecture, the President’s Chat titled Financing the Future: MDB Strategies for Uncertain Times, and a series of policy seminars examining climate finance, infrastructure, economic resilience and development lending.

Among the featured participants are CDB President Daniel Best, Finance Minister Michael Halkitis, senior officials from multilateral development banks, regional finance ministers, central bank governors, economists, development specialists and private-sector leaders. The President’s Chat is expected to bring together leaders of major multilateral development banks to discuss financing strategies for developing states facing mounting economic pressures.

The annual meeting also includes sessions branded “EDGE X by CDB: Analytics Unlocked,” which will explore the economic costs of traffic congestion in the Caribbean and how global crises continue to affect regional economies.

The CDB Annual Meeting traditionally attracts representatives from the Bank’s 28 member countries, including government ministers, senior public officials, development agencies, international financial institutions, youth delegates, academics and private-sector stakeholders. Hundreds of delegates are expected to participate in discussions that will help shape development priorities and financing strategies across the Caribbean in the years ahead.

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Third Woman in Succession to Lead TCI Judiciary; New Chief Justice Brings 37 Years of Experience

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Turks and Caicos, June 1, 2026 – The Turks and Caicos Islands has entered a new chapter in its judicial history with the appointment of Hon. Madam Justice Yonette Cummings-Edwards as Chief Justice, marking the third consecutive female leader of the nation’s judiciary and continuing more than a decade of women serving in the territory’s highest judicial office.

Justice Cummings-Edwards formally assumed office on May 1, 2026, succeeding former Chief Justice Hon. Justice Mabel Agyemang, whose six-year tenure was credited with significant reforms aimed at strengthening the courts and improving access to justice.

A native of Guyana, Justice Cummings-Edwards brings more than 37 years of legal and judicial experience to the role. Before arriving in the Turks and Caicos Islands, she served in some of the highest judicial offices in Guyana, including Acting Chief Justice and Acting Chancellor of the Judiciary. She also earned recognition for advancing court modernization, digitization, improved case management systems and expanded access to justice.

The appointment, announced by Governor Dileeni Daniel-Selvaratnam following the advice of the Judicial Services Commission, brings to the Turks and Caicos Islands a jurist widely respected throughout the Caribbean legal community.

In announcing the appointment, the Governor said it followed a rigorous and highly competitive selection process and noted that Justice Cummings-Edwards’ appointment “reaffirms the enduring importance of an independent judiciary in upholding the rule of law, protecting constitutional governance and maintaining public confidence in the administration of justice.”

Accepting the appointment, Justice Cummings-Edwards said: “I am honoured to be appointed Chief Justice of the Turks and Caicos Islands and grateful for the confidence placed in me. I look forward to working collaboratively with my judicial colleagues, the legal profession and justice-sector partners to build on the strong foundation established and to further strengthen the delivery of justice in a manner that is fair, efficient and accessible to all.”

She added: “I remain committed to upholding the rule of law and serving the people of these Islands with integrity and dedication.”

Attorney General Rhondalee Braithwaite-Knowles welcomed the new Chief Justice at her swearing-in ceremony, describing her as a judicial leader with “extensive judicial experience, a strong commitment to the rule of law, and to strengthening the Turks and Caicos Islands’ Judiciary.”

Justice Cummings-Edwards’ appointment continues a notable trend in the Turks and Caicos Islands, where women have occupied the office of Chief Justice for more than a decade, reinforcing the territory’s reputation for strong female leadership at the highest levels of the judiciary.

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Prayer, Preparation and Partnership as TCI Enters Hurricane Season

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Turks and Caicos, June 1, 2026 – As the 2026 Atlantic Hurricane Season begins today, Turks and Caicos Islanders are being encouraged to prepare both practically and spiritually, with national disaster officials launching a series of island-wide prayer services while government agencies finalize readiness plans for the months ahead.

The Department of Disaster Management and Emergencies (DDME) kicked off its annual hurricane season prayer initiative on Sunday, May 31, with a service at Providence Baptist Church in North Caicos. The initiative reflects the country’s longstanding tradition of seeking divine protection at the start of the Atlantic hurricane season.

The prayer circuit will continue on June 7 at Abundant Life Ministries International in Providenciales, June 14 at Mt. Olivet Baptist Church in South Caicos, June 21 at the Church of God of Prophecy in Conch Bar, Middle Caicos, and conclude on June 28 at St. Mary’s Pro-Cathedral in Grand Turk.

While churches unite in prayer, government agencies are strengthening operational readiness.

On May 28, Governor Dileeni Daniel-Selvaratnam chaired the first State of Preparedness Meeting for the 2026 Atlantic Hurricane Season, bringing together key government officials, emergency responders, utility providers and critical infrastructure partners ahead of the June 1 start of the season.

According to the Governor’s Office, representatives from the DDME, Royal Turks and Caicos Islands Police Force, Turks and Caicos Islands Regiment, healthcare and emergency services, along with utility and infrastructure leaders, reviewed national readiness plans, shelter preparedness, continuity of essential services, inter-agency coordination and response strategies.

The Governor emphasized the importance of proactive preparation, coordination and public awareness to ensure the Turks and Caicos Islands remains resilient throughout the hurricane season.

The discussions come as forecasters at the U.S. National Oceanic and Atmospheric Administration, NOAA, predict a below-normal Atlantic hurricane season for 2026. NOAA says there is a 55 percent chance of a below-normal season, a 35 percent chance of a near-normal season and a 10 percent chance of an above-normal season. Forecasters are predicting between eight and 14 named storms, including three to six hurricanes and one to three major hurricanes.

Despite the relatively favorable outlook, NOAA officials continue to caution against complacency.

“Although El Niño’s impact in the Atlantic Basin can often suppress hurricane development, there is still uncertainty in how each season will unfold,” said National Weather Service Director Ken Graham. “That is why it’s essential to review your hurricane preparedness plan now. It only takes one storm to make for a very bad season.”

For Turks and Caicos, that message resonates strongly. The islands remain among the Caribbean territories most vulnerable to hurricanes, and memories of major storms such as Hurricanes Ike, Irma and Maria continue to underscore the importance of preparedness.

As hurricane season opens, officials are urging residents to secure emergency supplies, review family preparedness plans, stay informed through official channels and participate in community readiness efforts. And for many across the islands, that preparation begins with prayer.

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