Imbert: TT’s outlook ‘stable’

Imbert explained that this development was not unexpected due to the continued depressed oil and gas prices. “You should note that BBB+ is still a high investment grade rating, still eight rating levels above the speculative grade,” he said. Imbert continued, “Most importantly, the improved ‘stable’ outlook is based on the fiscal consolidation work of the new People’s National Movement (PNM) Government since September 2015.”

He said, “The lowering of our rating is due in part to the decline in revenue since 2014, because oil revenues dropped from 58 percent of revenue to 15 percent of revenue between 2014 and 2016.” Imbert said the lowering of TT’s rating, “was especially in view of the virtual doubling of the general debt to GDP (Gross Domestic Product) ration from 17 to 32 percent under the previous government.” He explained that general debt is Central Government debt, exclusive of State Enterprises. The minister added, “We have since arrested the rapid increase in general debt that occurred between 2014 and 2015.” He said this is, “another reason why TT’s outlook has been upgraded to ‘stable