Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Premier boasts about favourable economic rating from regional body

Premier boasts about favourable economic rating from regional body

Premier Andrew Fahie has claimed that his government received a double ‘A minus’ rating from the Caribbean Information and Credit Rating Services Limited (CariCRIS).
Speaking at a special press announcement yesterday, Fahie said the government has worked hard to manage the economy during COVID-19 and he has independent proof of the standards of the government’s performance.

“CariCRIS has publicly affirmed its issuance of CariAA- (Cari Double A Minus) rating on foreign and local currency on its regional scale for the government. Thanks be to God, the Virgin Islands has received an AA- from CariCRIS. One of the highest ratings that any country can achieve,” Fahie said.

According to the CariCRIS scale, the CariAA rating is the second-highest rating and means the country that receives this rating is considered to have very low credit risk with respect to the timely service of debt obligations.

The rating system also explained that the rating outlook can be ‘positive’, ‘stable’ or ‘negative’. Once a positive or negative outlook is attached to the rating, it does not necessarily indicate a rating change but there is a one in three chance that there can either be an upgrade or downgrade of the ratings assigned.

Fahie also that noted the Virgin Islands’ level of creditworthiness was rated higher than many other countries in the Caribbean.

“One of the factors that contribute to this rating, according to the CariCRIS, is the Virgin Islands’ prudent fiscal policy and the maintenance of low debt. CariCRIS also noted that while COVID-19 setback our economy’s recovery in the aftermath of the 2017 hurricanes, your government’s implementation of the various initiatives to protect income and stimulate economic activity help to expand GDP by an estimated 2.3 per cent in 2021 from the projected contraction of 9.5 per cent in 2020,” the Premier said.

The Virgin Islands financial sector posted an improvement in 2021 as incorporation figure was back up to pre-pandemic levels. In 2022, real GDP expansion is forecasted, as tourism picked up and financial services activities stabilise, notwithstanding uncertainties brought on by the COVID-19 pandemic,” said Fahie, who is also the Minister of Finance.

He noted that these are the words of CariCRIS, an independent, well recognised and credible organization worldwide.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×