Moody’s has affirmed T&T’s Ba2 rating with a stable outlook.

According to the Finance Ministry, this rating came on December 16th 2024 and is underpinned by the country’s return to sustained growth, primarily driven by the non-energy sector.

It says despite lower-than-projected energy revenues in fiscal 2024, Moody’s has recognized Government’s fiscal revenue diversification efforts.

Moody’s also reportedly acknowledged that potential fiscal risks are mitigated by buffers, such as the Heritage and Stabilisation Fund and cash reserves amounting to more than 40% of GDP in fiscal 2024.

Finance Minister Colm Imbert said, “The rating agency recognizes the diversification efforts undertaken by our country which are reflected in the growth of our non-energy sector as well as our constitutional system of checks and balances, and improved data transparency track record.”

Meanwhile, the Ministry says Moody’s outlook on the current Ba2 rating remains Stable, as a result of the decline in T&T’s foreign-exchange reserves in early 2024 due to reduced energy receipts stemming from declining gas prices.

The rating agency reportedly stated, “Shell T&T’s investment decision reduces uncertainty regarding Trinidad and Tobago’s future hydrocarbon production prospects and aligns with our baseline view about renewed expansion in natural gas production starting 2027.”

The Ministry says new gas projects like the Osprey or the Cascadura fields will add production this year and support  growth prospects.