“Today, international rating agency Moody’s has raised Trinidad and Tobago’s rating outlook from “Negative” to “Stable”, while affirming the country’s Ba2 rating. This development follows closely on the IMF’s Article IV consultation and signals increasing international confidence in the policy direction pursued by the Government since taking office one year ago. Two of the world’s most respected international institutions have now independently reached similar conclusions, sending a clear message: the Government’s strategy is producing results, and Trinidad and Tobago is regaining economic momentum.

The rating agency highlighted the country’s improved external prospects and, notably, the proactive debt management strategy undertaken by the Government, including the international bond issuance in January that enabled a partial redemption of the US$1 billion August 2026 bond which significantly improved the country’s debt maturity profile. This is the direct result of deliberate, disciplined choices made by the new administration to strengthen the country’s financial footing and reduce external vulnerabilities.”

On December 16, 2024, Moody’s affirmed Trinidad and Tobago’s rating at Ba2 with a Stable outlook. This affirmation is underpinned by the country’s return to sustained growth, primarily driven by the non-energy sector.

Despite lower-than-projected energy revenues in fiscal year 2024, which have increased the fiscal deficit to 4.8% of GDP from 1.7% in fiscal year 2023, Moody’s recognizes the government’s fiscal revenue diversification efforts, as evidenced by the operationalization of Trinidad and Tobago Revenue Authority (TTRA) in 2025.

The rating agency also acknowledges that potential fiscal risks are mitigated by significant buffers. These include the Heritage and Stabilisation Fund (HSF) and cash reserves amounting to more than 40% of GDP in fiscal year 2024.

The Honourable Colm Imbert, MP. Minister of Finance, has noted that “This decision by Moody’s collides with the policy advice we have received from all international organisations to protect our country and support the recovery in the current circumstances”.

Documents

Moody’s Gives T&T a Stable Outlook (PDF)