Wednesday 20 November, 2019

Rowley lauds S&P's stable outlook for T&T

Prime Minister Dr Keith Rowley speaks at a PNM meeting in Pleasantville on July 9, 2019.

Prime Minister Dr Keith Rowley speaks at a PNM meeting in Pleasantville on July 9, 2019.

Prime Minister Dr Keith Rowley remains optimistic about Trinidad and Tobago’s economic future despite a recent downgrade by international ratings agency Standard and Poor’s.

Commenting on the downgrade, which saw the country’s rating dropping one level from BBB+ to BBB, the Prime Minister said while serious difficulties exist, the ratings agency upgraded T&T’s outlook from Negative to Stable.

Rowley made the comment while speaking at a public meeting of the People’s National Movement (PNM) in Pleasantville on Tuesday night.

He said the downgrade is as a result of S&P’s projection of a reduction in gas production, however, this prediction will not become a reality for T&T with Heritage due to begin drilling new wells soon.

“You would have seen me travel for ten days recently to meet with all the major energy players. That trip was to make sure that this prediction of a reduction in gas production does not come to pass.

They are also predicting a loss in oil production but Petrotrin has gone from drilling zero wells to Heritage now drilling 16 -18 wells so that prediction will not come to pass.”

Rowley credited the stable outlook to the country’s “favourable external profile” its “stable democracy”, and its “solid level of Government financial assets and good fiscal and external performance”.

The Prime Minister assured citizens that the country’s future is in good hands.

“We made hard decisions in your interest and for your business. Any time a government is not prepared to take hard decisions in the people’s interest, that is a government you have no use for,” he said.

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