Jun 2004 Financial News

Improved economic ratings for T&T

Jun 23, 2004

Trinidad and Tobago has received improved economic ratings from international ratings firm Standard and Poor's.

Last month S&P staff visited this country to conduct a ratings review, Minister in the Ministry of Finance Conrad Enill told the Senate yesterday.

The tatings services arm of the company upgraded the country's ratings from a year ago as follows:

Long-term local currency from A- to A; long-term foreign currency from BBB to BBB+; and short-term local currency from A-2 to A-1, Enill said.

These upgrades reflect significant improvements in the country's fiscal and external balance sheets, he said, adding that S&P noted that economic growth had soared in recent years.

This was as a result of high foreign direct investment coupled with prudent macroeconomic policies which led to increases in investment, production and export capacity in the oil and gas sectors.

In his statement, Enill observed that S&P stated: "The country's net external debt continues to fall, owing to a current account surplus projected at 26 per cent of current account receipts in 2004 and significant inflows of foreign direct investment (FDI)."

http://www.trinidadexpress.com/index.pl/article_business?id=26687842