Issue Ratings (For notional debt size of USD 500 million or equivalent)

CariAAA        (Regional Scale Foreign Currency)

CariAAA        (Regional Scale Local Currency)

ttAAA           (Trinidad and Tobago National Scale)

Prime minister of Trinidad and Tobago, Kamla Persad-Bissessar

Caribbean Information and Credit Rating Services Limited (CariCRIS), the Caribbean regional credit rating agency, has reaffirmed the ratings of CariAAA (Foreign Currency Rating) and CariAAA (Local Currency Rating) in its regional rating scale, and ttAAA on the Trinidad and Tobago national scale to the debt issue (notional) of the size of USD 500 million of the Government of the Republic of Trinidad and Tobago.  These ratings indicate that the level of creditworthiness of this obligation, adjudged in relation to other obligations in the Caribbean[1] and within Trinidad and Tobago is the highest.

The ratings on the Republic of Trinidad and Tobago continue to reflect its strong, resilient and well diversified economic structure, a key rating strength. Another is the very strong external liquidity, evidenced by a healthy net foreign reserves position and low financing requirements.  The sound fiscal flexibility and low public debt, together with the relatively well regulated financial system with stable monetary and exchange rate policies also support the ratings.  These rating strengths are tempered by the high and increasing non-energy fiscal deficit along with the heightened crime rate and increasing perception of corruption in public affairs.

About the Sovereign:  Trinidad and Tobago, a mid-sized country, is the southernmost islands in the Caribbean chain and lie just seven (7) miles off the northeastern coast of Venezuela.  Trinidad has a land mass of 4,828 sq. km., while Tobago has an area of 300 sq. km. The islands lie outside of the usual path of hurricanes and have largely been spared of the annual devastation that some of its northern neighbours have had to endure.  Trinidad and Tobago is a multi-cultural society.  The population of around 1.3 million (2009 estimate) comprises descendants of primarily India and Africa, with smaller percentages of descendants from China and Europe.  More than 70% of Trinidad and Tobago’s population is between the ages of 15 and 64.  The adult literacy rate is within the 80-85 percentile range and education is free from the primary to the tertiary level.  The official language is English.

The expansion of the crude oil industry in the 1950s moved the economy from sugar-based to an energy-based economy.  The vast petroleum and natural gas reserves have enabled the country to develop heavy industries such as Liquefied Natural Gas, methanol, nitrogenous fertilizers and iron and steel.  The country also has a strong presence in manufacturing and a vibrant financial services sector.  Tourism is a growing sector in the economy, particularly in Tobago which is fast becoming a popular destination for European visitors.

Note: Mr. Ewart S. Williams is Governor of the Central Bank of Trinidad and Tobago and a Director on the Board of CariCRIS.  Governor Williams did not participate in the rating process and the rating decision.

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Please contact CariCRIS for detailed rating rationale on the Government of the Republic of Trinidad and Tobago

Contacts:

Arjoon Harripaul, Head- Ratings

Tel: 1-868-627-8879 Ext. 227

E-mail: aharripaul@caricris.com

Andre Joseph, Rating Analyst

Tel: 1-868-627-8879 Ext. 229

E-mail: ajoseph@caricris.com

Note

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