{"id":2538,"date":"2022-11-02T14:41:58","date_gmt":"2022-11-02T18:41:58","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2538"},"modified":"2025-06-29T14:42:59","modified_gmt":"2025-06-29T18:42:59","slug":"government-of-the-republic-of-trinidad-and-tobago-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/government-of-the-republic-of-trinidad-and-tobago-3\/","title":{"rendered":"Government of The Republic of Trinidad and Tobago"},"content":{"rendered":"<p class=\"badge\"><strong>RATING ACTION:<\/strong><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><span style=\"font-size: 10pt;\">On September 15, 2022, CariCRIS reaffirmed the Issuer\/Sovereign Credit ratings<\/span> <em>Cari<\/em><strong>AA<\/strong> (Foreign and Local Currency Ratings) on its regional rating scale assigned to the <strong>Government of the Republic of Trinidad and Tobago (GORTT). <\/strong>A <strong>stable<\/strong> outlook was maintained.<\/span><\/p>\n<p class=\"badge\">RATING SENSITIVITY FACTORS:<\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>\u00a0<\/strong><strong>Factors that could, individually or collectively, lead to an improvement in the ratings and\/or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">A decrease in total general government debt to below 65% of GDP over the next 12 months<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">A sustained improvement in debt servicing capability to above 7 times over 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">A fiscal surplus in excess of 3% of GDP sustained over 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">A rise in import cover to 12 months or more over the next 24 months<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to a lowering of the ratings and\/or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An increase in total general government debt to above 100% of GDP over the next 12 months<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A sustained deterioration in debt servicing capability to below 3 times over 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A fiscal deficit in excess of 10% of GDP sustained over 2 consecutive yearst:8-627-8879 Ext. 229<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">-operative Bank:l claims pertaining to the content of the book.umber of pages and availability of p<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A fall in import cover to 6 months or less over the next 12 months<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Real GDP growth of &lt; 1% in 2022 and\/or growth of &lt; 2% in 2023<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 10pt;\"><strong>RATING RATIONALE<\/strong><\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the sovereign issuer credit ratings assigned to the Government of The Republic of Trinidad and Tobago (GORTT) of <em>Cari<\/em><strong>AA<\/strong> (Foreign and Local Currency Ratings) on its regional rating scale. These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other rated obligors in the Caribbean, is <strong>high<\/strong>.<\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">CariCRIS has also maintained a <strong>stable <\/strong>outlook on the ratings. The stable outlook is based on projected macroeconomic stability over the next 12 to 18 months, led by: (i) a return to real GDP growth in 2022 and continued expansion in 2023; (ii) robustness in T&amp;T\u2019s sovereign wealth fund over the medium term; (iii) improvement in fiscal balances as COVID-19 impacts draw to a close, along with some positive tax receipts improvements and expenditure control measures; (iv) resultant expectations for reduction in debt to GDP; (v) continued financial sector soundness and (vi) adequacy in international reserves and import cover.<\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><strong>Analysts\u2019 Contact Info:<\/strong><\/span><\/p>\n<h5><strong><span style=\"font-size: 8pt;\">Stefan For<\/span><\/strong><strong><span style=\"font-size: 8pt;\">tun\u00e9<\/span><\/strong><\/h5>\n<p><span style=\"font-size: 8pt;\">Phone: 1-868-799-6751 (m)<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><a href=\"mailto:sfortune@caricris.com\">sfortune@caricris.com<\/a>\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><strong><span style=\"font-family: 'book antiqua', palatino;\">Megan Dass\u00a0<\/span><\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">Phone: 1-868-627-8879<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><a href=\"mailto:mdass@caricris.com\">mdass@caricris.com<\/a> \u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-size: 8pt;\"><strong>Disclaimer<\/strong><strong>:<\/strong> CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.\u00a0 However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers\/ users\/ transmitters\/ distributors of this product.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On September 15, 2022, CariCRIS reaffirmed the Issuer\/Sovereign Credit ratings CariAA (Foreign and Local Currency Ratings) on its regional rating scale assigned to the Government of the Republic of Trinidad and Tobago (GORTT). A stable outlook was maintained. RATING SENSITIVITY FACTORS: \u00a0Factors that could, individually or collectively, lead to an improvement in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2538","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government of The Republic of Trinidad and Tobago - CariCRIS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/government-of-the-republic-of-trinidad-and-tobago-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government of The Republic of Trinidad and Tobago - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On September 15, 2022, CariCRIS reaffirmed the Issuer\/Sovereign Credit ratings CariAA (Foreign and Local Currency Ratings) on its regional rating scale assigned to the Government of the Republic of Trinidad and Tobago (GORTT). 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