#Providenciales, July 4, 2018 – Turks and Caicos – Global ratings agency Standard & Poor’s (S&P) has maintained its BBB+ rating for the Turks and Caicos Islands. However, S & P has revised its outlook on the Turks and Caicos Islands (TCI) to stable from positive. This announcement was made on Thursday 28th June 2018.
This is the fifth consecutive year the TCI has obtained a BBB+ rating. However, with TCI’s economy being subject to volatility, due to the heavy reliance on the tourism industry, which is extremely vulnerable to external shocks, the outlook has been revised to stable. This comes as no surprise as TCI was hit with two major hurricanes during 2017 within a two-week period.
A team from S&P made the annual visit to the islands in June and met with a range of officials, from the various sectors within TCI, as part of the review process.
Turks & Caicos Islands Premier and Minister of Finance, Investment & Trade, Hon. Sharlene Cartwright-Robinson commented; “TCI has once again retained its BBB+ rating which is welcomed news. Nevertheless, it is unfortunate that the outlook has been revised. Government is cognizant that the revision in the outlook is a result of the damages, sustained due to the passage of the hurricanes that made landfall in 2017. Additionally, to this end your Government is putting in place the necessary policies and procedures to ensure that TCIG continues to assess the economy, strengthens its fiscal prudence and increase economic activity in TCI. This will ensure that TCI obtains a positive outlook or an upgrade in the credit rating in the future.”