Caricris Reaffirms High Creditworthiness For BVI Government With Stable Outlook

(MENAFN- Caribbean News Global) TORTOLA, BVI – CariCRIS reaffirmed high creditworthiness for the BVI government with Stable Outlook – investment-grade issuer credit ratings of CariAA- (Foreign Currency) and CariAA- (Local Currency).

Premier and minister of finance Dr Natalio Wheatley, said:

“This latest assessment by CariCRIS affirms the strength and resilience of the Virgin Islands' economy and the government's steadfast commitment to sound fiscal management and good governance. We remain focused on sustaining economic growth, enhancing institutional capacity, and maintaining the Territory's reputation as a premier international financial centre and a leading tourism destination, while upholding the highest standards of transparency and accountability.”

CariCRIS has also maintained a stable outlook for the Territory, reflecting expectations of continued prudent fiscal management under the Protocols for Effective Financial Management (PEFM), alongside modest economic growth supported by increasing tourism arrivals and a stable financial services sector. The reaffirmation of the CariAA- ratings is underpinned by several core strengths, such as the United Kingdom Support. These ratings, assigned on the regional scale, indicate a high level of creditworthiness relative to other obligors across the Caribbean, according to the government of the Virgin Islands press release, May 11, 2026.

The ratings incorporate a four-notch uplift, reflecting the likelihood of support from the United Kingdom as an Overseas Territory.

Economic fundamentals: The Virgin Islands continues to record high GDP per capita-projected at USD 45,861 for 2025, supported by a dollarised economy that promotes trade stability.

Fiscal discipline: Low debt levels have been sustained through prudent fiscal policies guided by the PEFM framework. Governance: Governance structures have been significantly strengthened following reforms arising from the Commission of Inquiry (COI).

The CariCRIS noted that upward rating movement could occur if the Territory achieves sustained real GDP growth of at least 5 percent over the next two years or returns consistently to pre-pandemic levels of company incorporations.

While the outlook remains stable, the ratings continue to reflect the Territory's exposure to external shocks, including natural disasters and evolving international regulatory requirements. CariCRIS also highlighted constraints in human resource capacity and the need for strengthened monitoring of the external sector as areas requiring ongoing attention.

“The government of the Virgin Islands remains steadfast in its commitment to maintaining its position as a premier offshore financial centre and a leading tourism destination, while upholding the high standards of fiscal transparency and governance underscored in this latest assessment.”

*Caribbean Information and Credit Rating Services Limited (CariCRIS) is a leading regional credit rating agency that provides independent opinions on the creditworthiness of governments, corporations, financial institutions, and other issuers in the Caribbean.

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