Express Business Filler #1

LAST WEEK, on July 9, 2019, S&P Global Ratings lowered its long-term foreign and local currency sovereign credit ratings on the Republic of Trinidad and Tobago to ‘BBB’ from ‘BBB+’. The outlook is stable. At the same time, S&P Global Ratings affirmed its ‘A-2’ short-term foreign and local currency sovereign credit ratings on the country. S&P Global Ratings also revised down its transfer and convertibility assessment to ‘BBB+’ from ‘A’.

The downgrade reflects lower than expected energy production and economic growth that we believe will weaken the Government’s revenue base and delay plans to balance its budget by the 2020-2021 fiscal year. It also reflects delays in making institutional reforms to strengthen tax revenue collection and to improve the provision of timely economic data. 

Get caught up with news from the news leader
Subscribe now and get access to the Trinidad Express E-paper


This week we at Bourse take a closer look at recent credit rating actions taken by international rating agencies, including the downgrade by international credit rating agency Standard and Poor’s (S&P). 

The World Bank Group says it has mobilised more than US$14.4 billion in lending and guarantees to support sustainable development and poverty reduction in Latin American and the Caribbean during the 2019 fiscal year that ended last month.

PRIME MINISTER Dr Keith Rowley visited Trinidad Offshore Fabricators Company Unlimited (TOFCO) for a tour of the company’s facilities at Brighton, La Brea yesterday.

MULTINATIONAL energy giant BHP Billiton said yesterday it has completed phase three of its deepwater drilling campaign offshore Trinidad, with hydrocarbons being encountered in three new exploration wells in the second quarter of 2019.