UNC MP Dr Tim Gopeesingh believes the recent downgrading of T&T’s credit rating is due to the absence of incentives and other industry strategies to stimulate oil and gas production.
Standard & Poor’s lowered the long-term foreign and local currency credit rating from BBB+ to BBB on the basis of lower-than-expected production and economic growth.
Dr Gopeesingh says the downgrade adds to the decision of Moody’s to reduce T&T to “junk bond status”.
Among other things, he believes this will lead to an increased cost of borrowing for Trinidad and Tobago’s already struggling economy.
Dr Gopeesingh meanwhile lashed out at the Government since he says they ignored recommendations made by the Economic Development Advisory Board, which was later disbanded.