PRESS RELEASE
FROM THE MINISTRY OF FINANCE
Providenciales, Turks and Caicos Islands – Friday, 28 February 2025: Standard and Poors (S&P) Global Ratings has upgraded the sovereign credit ratings of the Turks and Caicos Islands (TCI) to ‘A-‘ from ‘BBB+’ based on the Turks & Caicos Islands robust economic performance and commitment to fiscal prudence. The outlook on the ratings is stable.
The ‘A-‘ long-term ratings reflect the strength of TCI’s economy, which has experienced solid and consistent growth over the past several years. S&P expects this growth to continue over the next three years, supported by a significant expansion in tourism and higher income per capita. The ratings also take into account the government’s ongoing efforts to maintain fiscal discipline and the accumulation of government assets, ensuring financial resilience.
S&P’s decision follows more than a decade of steady institutional improvements, supported by a strong record of prudent fiscal management. Despite the TCI’s reliance on the tourism sector, which makes the territory vulnerable to external shocks, the upgrade underscores the government’s successful management of financial resources, leading to a low government debt burden and a strong net asset position.
The ratings agency also acknowledged the TCI’s robust institutional ties with the United Kingdom as a self-governing territory, bolstering confidence in the stability of the territory’s fiscal policies. The upgrade is further supported by the data and reports prepared and submitted by the Turks & Caicos Islands Statistical Authority, which reflect a solid economic foundation and a sound approach to public finance.
The Turks and Caicos Islands Government has long been recognised for its sound fiscal policies and strong economic fundamentals. The upgrade to an ‘A-‘ rating demonstrates the Government’s economic resilience and dedication to maintaining prudent fiscal policies. With solid economic growth expected to continue, the outlook remains stable.
“This rating upgrade is a testament to the hard work of all who have contributed to the development and prosperity of the Turks and Caicos Islands. Moreover, it is a reflection of the Turks and Caicos Islands’ solid economic foundation, the effectiveness of our fiscal management, and our long-standing commitment to strengthening our institutions,” said Hon. Charles Washington Misick, Premier of the Turks and Caicos Islands. “We are proud of the progress we have made, and we are determined to continue building a prosperous future for our citizens.”
Click the link to view the full rating: https://drive.google.com/file/d/1NJbF0UX9fEPc1bZIvezL1lKKXK9GlGpw/view?usp=sharing
