CariCRIS Reaffirms Virgin Islands Rating with Stable
Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the Government of the Virgin Islands’ investment‑grade issuer credit ratings at CariAA- for both foreign and local currency and maintained a stable outlook. The rating reflects the Territory’s strong economic fundamentals, a four‑notch uplift for likely UK support, and ongoing prudent fiscal management under the PEFM framework, the Government said.
Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the Government of the Virgin Islands’ investment‑grade issuer credit ratings at CariAA- for both foreign and local currency and kept the outlook stable, the Government announced. The ratings are assigned on the regional scale and, CariCRIS noted, indicate a high level of creditworthiness relative to other obligors across the Caribbean.
CariCRIS said the reaffirmation reflects a number of strengths that underpin the Territory’s rating, including sustained fiscal discipline under the Protocols for Effective Financial Management (PEFM), a dollarised economy that supports trade stability, and high GDP per capita. The agency projects the Virgin Islands’ GDP per capita at US$45,861 for 2025, a metric CariCRIS cited as evidence of relatively strong economic fundamentals compared with regional peers.
The rating also incorporates a four‑notch uplift to reflect the probability of support from the United Kingdom as an Overseas Territory, a factor CariCRIS explicitly highlighted in its assessment. In its commentary, the agency pointed to a steady financial services sector and rising tourism arrivals as contributors to modest economic growth that support the stable outlook.
Premier and Minister of Finance Honourable Dr. Natalio Wheatley welcomed the reaffirmation, saying in a Government statement, “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 set out conditions that could lead to an upgrade, including sustained real GDP growth of at least 5 percent over the next two years or a consistent return to pre‑pandemic levels of company incorporations.
At the same time, the agency flagged several key risks that constrain the rating: vulnerability to external shocks such as natural disasters, evolving international regulatory requirements, limited human resource capacity in some areas, and the need for stronger monitoring of the external sector.
The Government highlighted recent governance improvements following reforms from the Commission of Inquiry (COI) and reiterated its commitment to prudent fiscal management, low debt levels and strengthened institutional capacity. CariCRIS, a leading regional credit rating agency, provides independent opinions on the creditworthiness of governments and issuers across the Caribbean.
For more information the Government listed Financial Secretary Jeremiah Frett as a contact at 468‑2144 or BVIGovernment@dgagroup.com, and provided general government service numbers at (284) 468‑3701 and WhatsApp (284) 468‑9760.
Primary source: BVI Government