DESPITE major economic setbacks due to the Covid-19 pandemic, Trinidad and Tobago is still a safe country to make investments.
This is according to the Ministry of Finance who issued a press release on Tuesday.
The ministry stated that rating agency Standard & Poor’s (S&P) has affirmed Trinidad and Tobago’s investment grade rating of BBB-.
The ministry stated, “This rating differentiates Trinidad and Tobago from most countries of the region and reflects the position of the country as a safe investment place. Unprecedented health, economic and financial challenges resulting from the different waves of Covid have prompted a vigorous and coherent policy response by the authorities.
“While S&P has affirmed the rating with a negative outlook in light of such exceptional headwinds, it has kept the view that conservative and competent policy management, including large financial buffers, attested to the high shock absorption capacity of the country.”
The rating agency noted that unlike many commodity exporters, during the boom years Trinidad and Tobago saved excess fiscal revenues.
About the rating result, Minister of Finance Colm Imbert said, “This decision validates our strategy to support the economy in the short term while having a clear plan to put our public finances back under control.”
