Imbert: Moody’s backs Govt’s covid19 measures

FINANCE Minister Colm Imbert on Friday said the decision of international ratings firm  Moody’s to maintain TT’s credit rating in the middle of the covid19 pandemic, reflects Moody’s confidence in this country’s measures to deal with the pandemic. He also spoke about this decision during his contribution to a debate on a private motion in the House of Representatives later in the day.

In a statement, Imbert said Moody’s confirmed  TT’s rating at “Ba1, one of the highest in the Caribbean region.” He observed the pandemic, combined with the collapse of oil prices, has seen Moody’s change the credit ratings of  a number of oil and gas exporting countries.

While the outlook in those countries was changed to negative, Imbert said, “ Moody’s decision to keep the rating of TT unchanged is a testimony to the resilience of the country, in the face of unprecedented shocks.”  

Imbert said TT’s shock-absorption capacity has been enhanced by a bold and pro-active policy response.

 “The rating stability owes in good part to the track record of the government, which responded to the previous oil shock post 2015 in a way that, according to Moody’s, exceeded its expectations.”

He said it is Government’s intention to continue to preserve what underpins Moody’s credit rating. Imbert said these include the sizable fiscal buffers, low liquidity risk and limited external vulnerabilities. 

“Each of them protect the population of TT throughout exceptionally adverse global circumstances.”