{"id":2910,"date":"2021-06-29T21:07:38","date_gmt":"2021-06-30T01:07:38","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2910"},"modified":"2025-07-01T21:09:15","modified_gmt":"2025-07-02T01:09:15","slug":"government-of-saint-lucia-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/government-of-saint-lucia-3\/","title":{"rendered":"GOVERNMENT OF SAINT LUCIA"},"content":{"rendered":"<h2>RATING DRIVERS<\/h2>\n<p class=\"badge\">Supporting Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Monetary and exchange rate stability underpinned by membership in a quasi-currency board arrangement<\/span><\/li>\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Sound financial sector despite COVID-19 challenges<\/span><\/li>\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Economic activity is broad-based although dependent on COVID-ravaged tourism; moderate GDP strengthening is expected in coming years<\/span><\/li>\n<\/ul>\n<p style=\"margin-bottom: 0cm; line-height: 120%;\"><span class=\"badge\">Constraining Factors<\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">COVID-19 has worsened GOSL\u2019s fiscal position and significantly increased indebtedness<\/span><\/li>\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">International reserves under pressure; however, external debt servicing expected to be adequate<\/span><\/li>\n<\/ul>\n<p style=\"margin-bottom: 0cm; line-height: 120%;\"><span class=\"badge\">Rating Sensitivity Factors<\/span><\/p>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><b><span style=\"text-decoration: underline;\"><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Factors that could, individually or collectively, lead to an improvement in the ratings and\/or Outlook include:<\/span><\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Substantial changes in the debt levels leading to a debt to GDP ratio below 65%<\/span><\/li>\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Achievement of a balanced budget over the medium term<\/span><\/li>\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Sustained GDP growth of the order of 3% per annum or more (above pre-COVID-19 level)<\/span><\/li>\n<\/ul>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><b><span style=\"text-decoration: underline;\"><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Factors that could, individually or collectively, lead to a lowering of the ratings and\/or Outlook include:<\/span><\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Significant changes in the fiscal position leading to a deficit larger than 15% of GDP <\/span><\/li>\n<li><span style=\"font-size: 9pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Substantial changes in the debt levels leading to sustained debt to GDP in excess of 90% alongside a decline in debt servicing to 2 times <\/span><\/li>\n<\/ul>\n<div style=\"border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: medium medium 1pt; padding: 0cm 0cm 1pt;\">\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: normal; padding: 0cm;\"><b><span style=\"font-size: 12pt; font-family: 'Book Antiqua', serif;\">ABOUT THE SOVEREIGN<\/span><\/b><\/p>\n<\/div>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><span style=\"line-height: 120%; font-family: 'Book Antiqua', serif;\">Saint Lucia, \u201cHelen of the West Indies\u201d, is situated in the Eastern Caribbean, at the northern end of the Windward Island chain. The total area of Saint Lucia is approximately 616 km<sup>2<\/sup> (238 square miles). Total population is estimated at 181,192<a id=\"ftnref1\" style=\"vertical-align: super;\" href=\"#ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a>, with a plurality of persons living around the capital, Castries. Average life expectancy is 75.7 years. Infant mortality was estimated at 12.7 deaths per 1,000 live births in 2015. The official language is English, but French patois (Kw\u00e9y\u00f2l) is widely spoken.<\/span><\/p>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><span style=\"line-height: 120%; font-family: 'Book Antiqua', serif;\">Tourism is the mainstay of the economy with the main markets being the United States of America (USA), the United Kingdom (UK), the Caribbean and Canada. Agriculture, specifically bananas, also plays a significant role in employment within the economy. There is a small manufacturing sector which is the most diverse in the Eastern Caribbean. The sector is involved in the production of food &amp; beverage, paper products, the assembly of electronic components and agro-processing.<\/span><\/p>\n<p><span style=\"font-size: 11pt; line-height: 115%; font-family: 'Book Antiqua', serif;\"><br clear=\"all\" \/><\/span> <a id=\"ftn1\" style=\"vertical-align: super;\" href=\"#ftnref1\"><b>[1]<\/b><\/a> Ministry of Finance, Economic Growth, Job Creation, External Affairs, and the Public Service \u2013 Economic &amp; Social Review, 2020<\/p>\n<p style=\"margin-bottom: 0cm; line-height: 150%;\"><i><span style=\"font-size: 10pt; line-height: 150%; font-family: 'Book Antiqua', serif;\">Analytical Contacts:<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><b><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif; color: black;\">Andr\u00e9 Joseph<\/span><\/b><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif; color: black;\">Tel: 1-868-627-8879 Ext. 224<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif; color: black;\">E-mail: <a href=\"mailto:ajoseph@caricris.com\">ajoseph@caricris.com<\/a><\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><\/i><b><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif; color: black;\">Stefan Fortun\u00e9<\/span><\/b><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif; color: black;\">Tel: 1-868-627-8879 Ext. 228<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif; color: black;\">E-mail: <a href=\"mailto:sfortune@caricris.com\">sfortune@caricris.com<\/a><\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Website: <\/span><a href=\"http:\/\/www.caricris.com\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">www.caricris.com<\/span><\/a><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Email: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p style=\"margin-right: -7.35pt; text-align: justify;\"><b><span style=\"font-size: 7pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Disclaimer<\/span><\/b><b><span style=\"font-size: 7pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">:<\/span><\/b><span style=\"font-size: 7pt; line-height: 115%; font-family: 'Book Antiqua', serif;\"> 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. 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. No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval. 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","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Monetary and exchange rate stability underpinned by membership in a quasi-currency board arrangement Sound financial sector despite COVID-19 challenges Economic activity is broad-based although dependent on COVID-ravaged tourism; moderate GDP strengthening is expected in coming years Constraining Factors COVID-19 has worsened GOSL\u2019s fiscal position and significantly increased indebtedness International reserves under [&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-2910","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-3\/\" \/>\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 DRIVERS Supporting Factors Monetary and exchange rate stability underpinned by membership in a quasi-currency board arrangement Sound financial sector despite COVID-19 challenges Economic activity is broad-based although dependent on COVID-ravaged tourism; 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