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.
FLOW CUSTOMERS BENEFIT FROM INCREASED SPEEDS
New upload speeds to improve online gaming, video conferencing & Online Voice Calls
PROVIDENCIALES, TURKS AND CAICOS, JUNE 24, 2022 – Flow TCI wishes to remind customers of a broadband speed increase to our existing broadband plans, which took effect on April 25th, 2022. An incremental rate increase for the new higher speed plans has taken effect.
The rates were increased by US$4 for the following plans and the download and upload speeds will increase by the following allotments:
All customers will be migrated from all previous fixed broadband plans to the new broadband Fibre to the Home plans. The new speeds will improve the overall broadband experience for all customers for online gaming, voice over IP calling, video conferencing, and social media usage.
For more information on our new Fibre to the Home plans, visit https://discoverflow.co/turks-and-caicos/broadband-overview for more details.
2022 Hurricane Preparedness Exposition
“Mission Ready – Pledge to Prepare; Be Smart Take Part”
#TurksandCaicos, June 23, 2022 – The Department of Disaster Management and Emergencies (DDME) will be hosting its 3rd Hurricane Preparedness Exposition on 1st July 2022 from 10:00 am at the Town Centre Mall, Parking Lot, Downtown, Providenciales.
The Hurricane Preparedness Expo will feature booths from over twenty-five different agencies, partners and public safety officials this year. The event provides critical stakeholders with roles in disaster management an opportunity to interact with the public, demonstrate their services, and guide individuals and businesses on how they can prepare for this hurricane season.
The goal is to ensure residents are ready should a hurricane impact our region by offering a one-stop shop for the general public to gather helpful information and ask their hurricane and storm-related questions.
We ask all residents to come out and participate in this preparedness event. The event is free, fun and educational with tons of giveaways, including the chance to win a Graceway Smart Supermarket Hurricane Supplies Shopping Spree on 1st July 2022.
This venture also encompasses the principles of Public-Private Partnership, as it demonstrates the Disaster Risk Reduction commitment of the private sector in the Turks and Caicos Islands. It also highlight’s the Public Sector Department’s determination to ensure all major entities are involved in its goal of building a resilient country.
The Hurricane Preparedness Expo will be on Friday, 1st July 2022, at the Town Centre Mall, Parking Lot, Downtown, Providenciales, from 10:00 am until 4:00 pm. We look forward to your participation.
Worst time to be a Woman; a Haitian crises
By Deandrea Hamilton
#TurksandCaicos, June 24, 2022 – I know many of us are frustrated by the reports of illegal vessels breaching our waters, landing on our shores, costing us in repatriation expenses and overwhelming our small states and we’re not wrong to be bent out of shape by it. However there are many facets to this maddening issue to sound alarms and from what I’m told and because of what I have noticed, the number of women increasingly taking the risk to runaway confirms the heartbreaking truth that abuses of this vulnerable group are escalating in frequency and violence.
Turks and Caicos Police ‘stop & search’ operations are capturing many women; women who are trying to get to a job site in the many illegal jitneys moving around the town.
Sure it is all illegal, however it remains gut wrenching that these skittish ladies would have started the day on the hustle for a little cash only to be caught, with no document affirming legal status breaking the law. They will be deported and life will change, likely for the worse.
Haiti’s instability is driving the exodus of Haitian people. The plummeting quality of life is pushing the “irregular migrants” as they are labelled to board boats, take to the ocean in pitch black conditions, driven by a desperate home.
Some make it, some do not.
The only death recorded or reported at the TCI detention center in years was this month; it was a Haitian woman. We don’t know what went wrong. But a journey toward a better life ended with the loss of hers.
I come from a set of nations – The Bahamas and the Turks and Caicos Islands – which have ensured I have a place. Whether that’s school or college or a job or as an entrepreneur, room was made for me and laws are in place to enable and empower me. Not only do I have bread to eat, but I get to choose the type of bread I want to eat and can share it.
I am blessed. Truly.
But for my Haitian sisters, when you see their faces and the sadness in their eyes. When the human spirit is so shattered that it creeps into the dankest of places which is utter hopelessness, we should sit up and stand up. This should capture our attentions.
In fact we should know, that for the hundreds we do encounter, there are countless more out there, unseen and trying to survive without being fortified by a force field of love, rule of law and simple decency. There are too many more relentlessly buffeted by exploitation and circumstances outside of their control.
Whether it is the recent memorial held to remember 11 Haitian women who perished at sea in early May trying to get in, undetected to Puerto Rico or a new and emerging report on describing the sexual abuse of Haitian women working at a factory; given sickening ultimatums: Sex for their salary; an exploitation which usually draws throngs of people to vociferous protests in more developed countries; to this news however, there is silence and little reaction that we can see.
I declare that these women are significant. They are valued despite the trials and tribulations of their homeland. Within this dispensation, a post Black Lives Matter world, the darker complexion of many of their skins no longer means they are disposable.
And united, it means, women wherever we are can link hearts and hands to partake in and contribute to a shared stance of solidarity. We can do it for the voiceless anywhere we want, we are women and though muted by the many dramas and truamas unfolding in our own lives, communities and countries, we still hear these voices crying and screaming out and we will help.
Just watch and see. Women of Haiti, help is on the way.
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