Fear mongering in Trinidad and Tobago is a favourite pastime of PNM puppets and puppeteers.
And it is no different with the latest ratings action from Standard & Poor’s, the international
credit ratings agency. We have all been conditioned to think and expect the worse when a more
dispassionately objective assessment would better serve everyone. Let’s try to understand
what this means.
The Standard & Poor’s (S&P) rating scale is a widely recognized system used to evaluate the
creditworthiness of Government debt including bonds and other financial obligations. By
assigning ratings that range from ‘AAA’ to ‘D,’ the S&P rating scale helps investors make
informed decisions about the risk level of investments. S&P is an internationally respected
agency and would have undertaken a rigorous assessment exercise ahead of its rating action.

Today, the rating agency Standard & Poor’s (S&P) affirmed Trinidad and Tobago’s investment grade rating at BBB-, while revising the outlook from stable to negative.

S&P’s affirmation of Trinidad and Tobago’s investment grade status reflects the country’s long established democratic institutions, economic stability, favourable external profile and buffers (“This profile includes a strong external creditor position, supported by assets in the Heritage and Stabilisation Fund (HSF)”). However, S&P has revised the outlook from stable to negative, signalling the need for reforms to enhance fiscal sustainability and improve economic diversification.

On Wednesday 23^rd July, 2025, The Honourable Davendranath Tancoo, Minister of Finance along with the Ministry’s Executives and its representatives welcomed a team from Standard and Poor’s (S&P)  to the Ministry ‘s Head Office at Eric Williams Finance Building, Port of Spain to discuss Trinidad and Tobago’s Sovereign Credit Rating.

S&P’s Credit Ratings on Trinidad and Tobago’s Sovereign Debt takes place on an annual basis with the Government of Trinidad and Tobago to provide credit ratings for the country.
In assessing a country’s sovereign ratings, S&P considers five key elements: (i) institutional; (ii) economic; (iii) external; (iv) average of fiscal flexibility, performance and debt burden; and (v) monetary.

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The Minister of Finance, Hon. Colm Imbert, MP, wishes to advise that today, Standard and Poors, the international credit rating agency, has affirmed Trinidad and Tobago’s credit rating at BBB-, an Investment Grade Rating reflective of the country’s credit strength. S&P has also maintained its stable outlook for Trinidad and Tobago.

The country’s strong external assets and stable institutions support our Investment Grade Rating.

S&P points out that “the government’s large liquid financial assets mitigate the effect of economic cycles on the country’s public finances. S&P estimates these assets will represent about 47% of GDP during the outlook horizon.”

Today, Standard & Poor’s, the rating agency, has affirmed Trinidad and Tobago’s BBB-credit rating, with a stable outlook.

The Honourable Minister of Finance underscores the fact that ‘S&P’s affirmation of our credit rating is a positive development and Trinidad and Tobago is one of the few Investment Grade countries within the Latin America and Caribbean region, and in fact, the only one in the Caribbean’.

On July 21^st, 2022, S&P, the international rating agency, confirmed Trinidad and Tobago’s credit rating at BBB-, an Investment Grade rating reflective of the credit strength of the country.
As a positive development, S&P has also brought its outlook from negative to stable, in light of the recent and prospective developments in the economy and its resiliency against multiple shocks. 

Apart from the misleading headline, the article in the body of its text falsely claimed that Trinidad and Tobago is being downgraded by S&P Global Ratings.

This rating differentiates Trinidad and Tobago from most countries of the region and reflects the position of the country as a safe investment place.

Documents

Standard and Poor’s Ratings Services gives Trinidad and Tobago A/A-1 Rating (PDF)

Documents

Trinidad and Tobago AA-1 Foreign and Local Currency Ratings and Outlook – Standard and Poors (PDF)