{"id":2550,"date":"2022-09-15T14:58:06","date_gmt":"2022-09-15T18:58:06","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2550"},"modified":"2025-06-29T14:59:09","modified_gmt":"2025-06-29T18:59:09","slug":"government-of-saint-lucia","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/government-of-saint-lucia\/","title":{"rendered":"Government of Saint Lucia"},"content":{"rendered":"<p class=\"badge\">RATING ACTION:<\/p>\n<p><span style=\"font-size: 10pt;\"><span style=\"font-family: 'book antiqua', palatino;\">On September 15, 2022, CariCRIS reaffirmed the Issuer\/Sovereign Credit ratings of<\/span> <em>Cari<\/em><strong>BBB-<\/strong> (Foreign and Local Currency Ratings) on its regional rating scale assigned to the <strong>The Government of Saint Lucia (GOSL<\/strong><strong>). <\/strong>A <strong>stable<\/strong> outlook was maintained.<\/span><\/p>\n<p class=\"badge\"><span style=\"font-size: 10pt;\">\u00a0RATING SENSITIVITY FACTORS<\/span><\/p>\n<p>\u00a0<strong>Factors that could lead to an improvement in the Ratings and\/ or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">Substantial changes in the debt levels leading to a debt to GDP ratio below 65%<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Achievement of a balanced budget over the medium term<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Sustained GDP growth of the order of 3% per annum or more (above pre-COVID-19 level)<\/span><\/li>\n<\/ul>\n<p><strong>Factors that could lead to a lowering of the Ratings and\/ or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Significant changes in the fiscal position leading to a fiscal deficit larger than 15% of GDP<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Substantial changes in the debt levels leading to sustained debt to GDP in excess of 90% alongside a decline in debt servicing to below 2 times<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>RATING RATIONALE<\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the ratings of <em>Cari<\/em><strong>BBB-<\/strong> (Foreign Currency and Local Currency Ratings) on its regional rating scale for the several rated debt issues of the Government of Saint Lucia (GOSL). These ratings indicate that the level of creditworthiness of these debt obligations, adjudged in relation to other debt obligations in the Caribbean, is <strong>adequate<\/strong>.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">CariCRIS has also maintained a <strong>stable<\/strong> outlook. The stable outlook is based on the stabilization in fiscal performance and in debt to GDP following the initial COVID-19 shock in 2020. Supporting the debt to GDP containment within the current rating category\u2019s limits is the expected GDP growth of around 12% in 2022, a continued inflexion away from 2019\u2019s and 2020\u2019s contractions. Returning tourism activities are expected to support balance of payments health. However, downside risks to the outlook are significant and include inflation and economic slowdown in source markets, slowing the path to full recovery. Further virus impacts and potential hurricane strikes remain key risks as well.<\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Analyst\u2019s Contact Info:<\/span><\/p>\n<h5><strong><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">Stefan Fortun\u00e9<\/span><\/strong><\/h5>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">Phone: 1-868-799-6751 (m)<\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><a href=\"mailto:sfortune@caricris.com\">sfortune@caricris.com<\/a>\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><a href=\"http:\/\/www.caricris.com\"><strong>www.caricris.com<\/strong><\/a><strong> \u00a0\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><strong><a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><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><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On September 15, 2022, CariCRIS reaffirmed the Issuer\/Sovereign Credit ratings of CariBBB- (Foreign and Local Currency Ratings) on its regional rating scale assigned to the The Government of Saint Lucia (GOSL). A stable outlook was maintained. \u00a0RATING SENSITIVITY FACTORS \u00a0Factors that could lead to an improvement in the Ratings and\/ or Outlook include: [&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-2550","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 Saint Lucia - 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-saint-lucia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government of Saint Lucia - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On September 15, 2022, CariCRIS reaffirmed the Issuer\/Sovereign Credit ratings of CariBBB- (Foreign and Local Currency Ratings) on its regional rating scale assigned to the The Government of Saint Lucia (GOSL). 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