S&P’s rating highlights that the Turks and Caicos is a prosperous country with a gross domestic product of around $24,000 per head, and benefits from high educational standards and good infrastructure.
This strong rating will benefit investors by allowing them access to cheaper investment funding for their businesses in the Turks and Caicos. TCIG will also be able to use the rating to borrow at significantly lower costs.
His Excellency Governor Peter Beckingham said:
This is terrific news for the Turks and Caicos economy, and just reward for the hard work of everyone who has helped the country reach this latest stage in its development,
I am pleased too that it notes that the Turks and Caicos benefits from the stability imparted though its status as a UK Overseas Territory.
TCI Premier, the Honourable Dr Rufus Ewing, added:
This rating is at the high end of our expectations and places us alongside countries like Aruba, Curacao and Montserrat. This is crucial to our plans to continue to build and broaden our nation’s economy,” .
We can take great pride in noting that this terrific rating news bucks the trends of other Caribbean economies, some of whom have been recently downgraded and given negative outlooks.
Finance Minister, the Honourable Washington Misick commented;
We pledge to continue to work to maintain and, if possible, to improve our credit rating, by continuing to do what we already do well and to examine further ways in which we can broaden and strengthen our economy.
Today’s announcement supports our growth strategy and will play a significant part in allowing TCIG to begin to reinvest in the public services that our people want.
TCIG has positively transformed its track record of sound public financial management over the past four years turning longstanding annual deficits into surpluses of $47.6m in 2012/13 and $30.7m 2013/14.
The UK Overseas Territory is now showing perhaps the most positive fiscal trajectory in the Caribbean, and consequently rapidly reducing its net public debt.