On May 10, 2022, Caribbean Information & Credit Rating Services Limited (CariCRIS), the region’s credit rating agency, placed the Government of the Virgin Islands (GoVI) on Rating Watch – Developing. This Rating Action was based on uncertainty surrounding the continuation of the Assembly’s control of government following the publication of the findings and recommendations of the Commission of Inquiry (COI), and the subsequent arrest of the then Premier and collapse of Government. A new “Unity Government” has been formed and its plan of implementation of the COI’s recommendations (except for direct United Kingdom (UK) Government control) has been accepted by the UK Government. CariCRIS now believes that there is sufficient clarity and stability surrounding the matter to remove the Rating Watch and re-affirm the credit ratings of the GoVI at CariAA- (Foreign Currency and Local Currency), with a stable outlook[1].
August 11, 2022
[1] Refer to CariCRIS’ Credit Rating Rationale on the GoVI dated March 17, 2022