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FortisTCI Ltd. ‘BBB’ Credit Rating Affirmed with Negative Outlook

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#Providenciales, August 6, 2018 – Turks and Caicos – Global independent credit rating agency Standard & Poor’s (S&P) announced on Friday, July 27, 2018, that it is maintaining a ‘BBB’ global corporate rating for FortisTCI Limited (the “Company”).  However, the agency said, “We are revising our outlook to negative from stable on weaker financial metrics following Hurricane Irma last year.”

S&P reported in their rationale that, “FTCI’s 2017 cash flow measures fell after the hurricane, reflecting a 5% decline in electricity sales and increased debt to finance storm restoration costs.”

The response to Hurricanes Irma and Maria in 2017, which resulted in a restoration cost of $32 million due to damages to the transmission and distribution network across all islands, weakened the Company’s financial position.  Financial improvements will only happen over time and assuming the Company meets the financial metrics based on assumptions established in S&P’s base case scenario.

These assumptions are: a return to pre-storm electricity sales in 2018, electricity sales growth of 2% to 3% annually, a rate increase of 6% in 2019 to recover hurricane costs, timely recovery of fuel costs from customers, average annual capital spending of $30 million in 2018, and no common stock dividend payments until 2020.”

Having a ‘BBB’ Corporate Credit Rating provides for more favourable financing terms, and enabled FortisTCI to access the private debt market in the United States in 2015 and 2016.  It was also because of the Company’s financial strength and stable outlook that FortisTCI was able to access the local debt market, closing on a $5M bond with the Turks and Caicos Islands National Insurance Board in 2016, providing a credit grade investment opportunity for the pensions of the people of this country.  Maintaining an investment-grade credit rating is critical to the Company’s business model.

FortisTCI President and CEO Eddinton Powell said, “Considering the current business environment, we are pleased to have maintained our credit rating during this recent S&P review.  We know that the Company must regain its financial footing to avoid a further downgrade and we are committed to restoring our financial health.”

Mr. Powell added, “FortisTCI operates in a highly capital intensive environment and must have access to the competitive capital markets locally and abroad.  This access allows the Company to obtain the necessary funding for major investments in energy infrastructure that serve the people of Turks and Caicos Islands, and give the Company the ability to respond to disasters as we did last year following Hurricanes Irma and Maria.”

FortisTCI has filed a rate variation application, which if approved, will aid the Company in restoring its financial strength. A copy of the full S&P Global report is available on the FortisTCI website at www.fortistci.com/news

 

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Bahamas News

Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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BermudAir Launches New York Area’s First Nonstop Service to South Caicos, Now Just a 3.5 Hour Flight from Newark

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Twice-Weekly Nonstop Flights Begin December 20 with Fares from $347 One Way, Creating Direct Access to Salterra Resort & Spa

– New Route Expands BermudAir’s Winter Turks & Caicos Network –

 

[New York, NY – August 20, 2026]BermudAir, the leading premium leisure carrier to Bermuda and the Caribbean, today announced it will introduce nonstop flights to South Caicos from Newark this winter.  The route places one of the Caribbean’s most secluded island destinations just 3.5 hours from the New York area for the first time.

The new service starts on December 20, 2026, operating on Sundays and Thursdays, and will be the only nonstop service to the destination from the New York area.  This seasonal service will operate through April 25, 2027.  Fares start at $347 one way ($773 roundtrip) and go on sale today.

The new South Caicos route creates gives travelers two distinct luxury resort options, with direct access to Salterra, A Luxury Collection Resort & Spa, recently named the No. 1 resort in Turks and Caicos by Condé Nast Traveler.

Set across 85 beachfront acres with a 3,000-foot private white-sand beach, Salterra brings a full luxury resort experience to an island still defined by its historic salinas, pristine waters, bonefishing flats and uninhabited cays. Upon landing at South Caicos International Airport (XSC), guests are approximately 10 minutes from the resort.

While flights go on sale today, the airline’s BermudAir Holidays vacation-packaging division will offer curated travel to South Caicos from next month, featuring flights, hotels and authentic island experiences, with bundled discounts and value-added perks, making it even easier to explore the destination.

Previously BermudAir announced seven new routes to Providenciales in Turks and Caicos, from Newark (EWR), Boston (BOS), Baltimore-Washington (BWI), Raleigh-Durham (RDU), Fort Lauderdale (FLL), St Petersburg/Tampa (PIE) and Toronto (YYZ) which will all start in December except for Fort Lauderdale which begins October 26.

Expanded Winter Season

  • To South Caicos:
  • Twice-weekly nonstop from Newark (Sundays and Thursdays) from December 20 through April 25, 2027.
  • To Turks and Caicos:
  • Weekly nonstop from Newark (Saturdays) and one weekly direct service (Thursdays) from December 19 through April 29, 2027;
  • Weekly nonstop service from Boston (Saturdays), from December 19 through May 1, 2027;
  • Weekly nonstop service from Baltimore-Washington (Thursdays), from December 24 through April 29, 2027;
  • Twice-weekly nonstop service from Raleigh-Durham (Thursdays and Sundays), from December 20 through May 2, 2027;
  • Thrice-weekly service from Fort Lauderdale (Mondays, Wednesdays and Fridays), from October 26 through May 3, 2027;
  • Twice-weekly nonstop service from St Petersburg/Tampa (Mondays and Thursdays), from December 21 through May 3, 2027; and
  • Weekly nonstop service from Toronto (Saturdays), from December 19 through May 1, 2027.

“We’re thrilled to continue expanding our Caribbean network as the premium leisure carrier from North America,” said Adam Scott, Founder and CEO of BermudAir. “Now New Yorkers can fly nonstop to two distinct sides of the Turks and Caicos Islands — Providenciales and the secluded island of South Caicos, home to the exquisite Salterra and Sailrock South Caicos resorts.”

The airline consistently earns Net Promoter Scores of 70+, one of the highest ratings in the airline industry.  All flights will be operated on comfortable Embraer E190 aircraft, offering passengers the airline’s signature warm service and authentic island hospitality.

“South Caicos has always felt worlds away, and that is part of its magic,” said Michael Tibbetts, Founder and CEO of Salterra. “Beginning this winter, guests can fly nonstop from Newark in 3.5 hours, land at one of the newest international airports in the region and be at Salterra minutes later. This route makes a long weekend escape and an extended stay to one of the Caribbean’s most unspoiled islands remarkably easy, without changing the sense of discovery that makes South Caicos so special.”

For more information or to book flights, visit www.flybermudair.com. Salterra will offer dedicated stay packages timed to BermudAir’s Thursday and Sunday nonstop service. To book a stay at Salterra, A Luxury Collection Resort & Spa, visit www.salterra.com

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Salt Cay Water Shortage Unresolved as Residents Question Promised Relief

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SALT CAY — Residents say Salt Cay’s prolonged water shortage remains unresolved, with no visible activity or relief from the measures Government said would be advanced last week.

The crisis began in June after a critical filter failed at the island’s reverse osmosis plant, severely disrupting local water production. Residents told Magnetic Media Tuesday morning that neither the replacement filter nor the promised bulk shipment of emergency water appeared to have arrived.

Minister of Innovation, Technology and Energy E. Jay Saunders, however, said the filter is already on Salt Cay.

“The RO filter is on Salt Cay and it’s being installed,” Saunders told Magnetic Media.

The large emergency water shipment has not materialised. Saunders said transporting more than 1,000 gallons in a single container requires a barge, and officials are still attempting to source one.

Government had previously indicated that it would try to deliver up to 2,500 gallons to partially replenish Salt Cay’s depleted storage tanks while repairs continued.

Saunders had initially projected that the RO plant would be fully operational by August 19. He now says the system is expected to return to full operation “in a few days.”

For residents, however, the immediate reality remains unchanged: the shortage continues, the bulk water has not arrived and the promised relief is not yet flowing.

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