The announcement on Caribbean 360 appears devastating for Anguilla. Word was out yesterday that the regional credit rating agency had downgraded Anguilla ’s sovereign debt.
Caribbean Information and Credit Ratings Services Limited is allegedly the regional credit rating agency.
Basically, they tell investors whether or not to buy bonds and other sovereign debt issued by a government.
So, I rushed to the company’s website to find out what the alleged crisis in Anguilla was all about.
See it for yourself. It turns out that there has been absolutely no change in Anguilla ’s credit rating since the last published rating. We have long had an AA rating. That is where we remain today, at any rate according to their own website.
Unless the company is so incredibly inefficient that its website does not reflect in real time the ratings allocated by the company! In which case, what credibility do they have a right to?
IMHO the story on Caribbean 360 is complete fiction.
Don, you weren't very thorough in your research.
ReplyDeleteOn October 13 Caribbean Information and Credit Rating Services Limited (CariCRIS) issued a press release saying that it "has today lowered the ratings on the debt issue (notional) of the size of USD 25 million of the Government of Anguilla to CariA+ (Local and Foreign Currency Rating) from CariAA (Local and Foreign Currency Rating) on its regional rating scale".
See the full press release at http://www.caricris.com/index.php?option=com_caricris&Itemid=44&id=67&t=p
Credit Rating, and other rating companies are pure crap. just check ot those agencies in America which gave bankrupt companies and governments high ratings. CariCRIS is a waste of ink.
ReplyDeleteIn connection with this subject, I would like to know what the situation is of the two local banks. There has been talk of a possible bankruptcy and/or merger. This subject concerns many people who have their savings in either bank. Yet - no word in the newspapers!
ReplyDeleteAny comments??