Above: the Turks and Caicos Islands

By the Caribbean Journal staff

The Turks and Caicos Islands has received its first-ever sovereign credit rating from Standard & Poor’s.

The British Overseas Territory received a rating of “BBB+/A-2” from the New York-based ratings firm, with an outlook of “stable.”

S&P said the ratings on TCI reflected its “prosperous economy and net general government asset position.”

“They also reflect TCI’s relationship with the U.K., which serves as an anchor for economic policies and judicial and institutional stability,” S&P said.

The firm said the TCI enjoyed “favorable growth prospects based on its well-developed tourism industry,” and its per capita GDP would likely approach $24,000 this year.

The firm said it projected GDP growth to average 3 percent over the next three years, which would place it among the highest in the Caribbean region.

“This is terrific news for the Turks and Caicos economy, and just reward for the hard work of everyone who has helped the country reach this latest stage in its development,” said Turks and Caicos Islands Governor Peter Beckingham. “I am pleased too that it notes that the Turks and Caicos benefits from the stability imparted though its status as a UK Overseas Territory.”

In a statement, Turks and Caicos Premier Dr Rufus Ewing said the rating was “at the high end of our expectations and places us alongside countries like Aruba, Curacao and Montserrat.”

“This is crucial to our plans to continue to build and broaden our nations’ economy,” Ewing said.