RATING ACTION:
On March 12, 2024, CariCRIS reaffirmed the issuer ratings of CariAA- (Foreign and Local Currency Ratings) on its regional rating scale assigned to The Government of the Virgin Islands (GoVI). A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could lead to an improvement in the ratings and/or Outlook include:
- Real GDP growth of at least 5% sustained over the next 2 years.
- An uninterrupted improvement in visitor arrivals to greater than pre-hurricane levels maintained over the next 2 years.
- A consistent improvement in company incorporations and registrations to pre-pandemic levels maintained over the next 2 years.
Factors that could lead to a lowering in the ratings and/or Outlook include:
- An increase in the total public sector debt to above 40% of GDP.
- Failure to implement recommendations of the COI by May 2024 or failure to achieve an extended deadline.
- A change in the island’s status as a British overseas territory or a material change in the level of support rendered to The VI from the UK.
Analysts’ Contact Info:
Stefan Fortuné
Phone: 1-868-799-6751 (m)
Brandon Singh
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