REVIEW OF THE ECONOMY 2013
45
SUSTAINING GROWTH, SECURING PROSPERITY
regulated financial systemwithstablemonetary
and exchange rate policies. However, the
high and increasing non-energy fiscal deficit,
heightened crime and increasing perception
of corruption can undermine and negatively
impact investor confidence.
CariCRIS expects real GDPgrowth of 1.0percent
to 1.5 percent in 2013. This is supported by
expected growth firstly in the energy industry
as a result of increased exploration activity
and increased efficiency in maintenance
work and plant upgrades. In the non-energy
sector, growth is expected to be driven by the
recovery of the construction industry. CariCRIS
describes Trinidad and Tobago as one of the
more resilient economies with a well-diversified
economic base, supportedby a solidpresence in
manufacturing and a vibrant financial services
industry.
CARIBBEAN INFORMATION AND
CREDIT RATING SERVICES LIMITED
(CARICRIS)
On the rating exercise conducted by the regional
rating agency (CariCRIS) in April 2013, Trinidad
and Tobago maintained its CariAAA rating
on both the local and foreign currency debt
obligations, in addition to its ttAAA rating on
the Trinidad and Tobago national scale to the
(notional) debt issue up to US$500 million by
the local government. These ratings reflect the
highest level of creditworthiness that can be
achieved, in comparison to other Caribbean
islands.
These ratings reflect the country’s strong
external liquidity as evidenced by a healthy
foreign reserves position and low financing
requirements as well as a relatively well
Table 6:
Trinidad and Tobago Credit Rating History: 2007 – 2013 By CariCRIS
Rating
2007
2008 2009 2010 2011
2012
2013
Regional scale foreign
currency
CariAAA CariAAA CariAAA CariAAA CariAAA CariAAA CariAAA
Regional scale local
currency
CariAAA CariAAA CariAAA CariAAA CariAAA CariAAA CariAAA
Trinidad and Tobago
national scale
ttAAA ttAAA ttAAA ttAAA ttAAA ttAAA ttAAA
Source: Caribbean Information and Credit Rating Services Limited (CariCRIS) (2013)
CENTRAL GOVERNMENT OPERATIONS
