May 30, 2025
The Virgin Islands boasts a high GDP per capita, underpinned by a robust and expanding tourism industry and a stable financial services sector. The adoption of the US dollar as legal tender enhances economic stability and facilitates seamless international trade.
The government of the Virgin Islands has recently seen an upgrade in its creditworthiness ratings to CariAA- (Foreign and Local Currency) on the Caribbean Information and Credit Rating Services Limited (CariCRIS) regional scale.
“The notched-up regional scale ratings indicate that the Virgin Islands was assessed as having a higher level of creditworthiness compared to its regional counterparts. CariCRIS has also maintained a stable outlook on the ratings,” stated the Ministry of Finance in a press release dated May 28.
Premier and Minister of Finance, Dr. Natalio D. Wheatley, hailed the upgraded rating as a testament to the Virgin Islands’ prudent fiscal management and steadfast commitment to economic stability, even in the face of global uncertainties.
“Our Territory’s economic fundamentals remain strong, reflecting the resilience of our people, the strength of our governance, and our dedication to building a sustainable nation,” said Premier Wheatley. He reaffirmed the government’s commitment to fostering sustainable economic development, nation-building, and a high quality of life for all residents.
Premier Wheatley highlighted several key factors contributing to the improved rating, including continued support from the United Kingdom and strong macroeconomic indicators:
“The Virgin Islands boasts a high GDP per capita, driven by a thriving tourism sector and a resilient financial services industry. The use of the US dollar as our official currency promotes economic stability and simplifies international transactions. Our adherence to the Protocols for Effective Financial Management (PEFM) ensures disciplined fiscal practices, resulting in low public debt levels. Additionally, enhanced monitoring of external economic factors enables more strategic and informed policy decisions. The government’s ability to maintain this positive credit rating, despite global economic headwinds, underscores our commitment to responsible economic stewardship.”
CariCRIS is a leading regional credit rating agency that provides independent assessments of the creditworthiness of governments, corporations, financial institutions, and other issuers across the Caribbean.
Source: (Caribbean News Global)
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