Caribbean Information & Credit Rating Services Limited (CariCRIS) has revised the assigned Rating Watch on the Government of the Commonwealth of Dominica (GOCD) to Rating Watch – Negative from Rating Watch – Developing.
In a press release on Tuesday (November 17) the organization said, “On September 23, 2015, CariCRIS placed the GOCD on Rating Watch – Developing pending our assessment of the country’s creditworthiness following major infrastructural damage sustained from the passage of Tropical Storm Erika on August 27, 2015. Subsequent to this ,despite our best efforts we have had little or no cooperation from the GOCD in providing us with the information we need to make a full assessment of the impact of the storm on the country’s creditworthiness, and in particular its ability to meet its upcoming debt service commitments.”
CariCRIS said based on the combination of public and non-public information, “we believe that the GOCD’s ability to service its debts may have deteriorated.”
The organization said it based it opinion on the following:
-The latest damage assessment report conducted by the World Bank and the GOCD estimates that the total value of loss and damages caused by Tropical Storm Erika is of the order of US $483 million or 96% of GDP. This is almost double the preliminary estimates of US $257.6 million or 50% of GDP.
-We are aware that the Government has requested a deferral of its principal and interest repayments on at least one loan, the outcome of which request we are still waiting to hear from the GOCD.
“In light of the above, and the GOCD’s unwillingness to share further information with us to better inform our assessment, we have placed the GOCD on Rating Watch – Negative,” CariCRIS said. “A Rating Watch – Negative indicates that there is a high likelihood that the rating will be lowered in the near future.”
CariCRIS is the Caribbean’s regional credit rating agency and its credit rating is an assessment of an entity’s creditworthiness relative to other debt issuing entities.
Dear Divine Master Roosvelt
As we deal with the arrest of NG lapseng, the devastation of erika, our negative credit rating, the tongue lashing by regional leaders on access to Dominica, the shut down of DCP, the plight of truckers and public works we pray for your divine intervention and omnipotence to save us from economic hardship. Doctor Roosvelt we expect that you will disappear from the country and return with briefcases of cash. Forgive us father Roosvelt for our sins and deliver us our dear saviour . amen
I Love MY PM
If you accumulate debt and not generating any revenues, obviously your credit worthiness will be in the negative. That;s the labor of PAINS for the country.
dominicans fellow labourites , labour of love dont lose hope our dera and and blessed roosvelt will bring in chavez, mommar gadaffi and lapseng to save us. Dont give up my people.
I Love MY Pm
Nothing new, skerrits house of cards is falling apart
I wonder if some people who rites comments actually read what the article is saying or what is it all about. Here we have an organization that is not affiliated with any political party telling us how things are and people talking like it is the UWP that is making up things or that the UWP people are happy by that report. I mean how foolish can we be? There are people who are sucking all the fresh water out of Dominica and we just staying by and die of thirst instead finding a way to distill the sea water so we can survive. Here we have the UWP who is warning and has been warning for the longest while and what are we doing? we make it look like they want all things bad for Dominica. Read the report and we will know who is making all things bad for us.
We have not tasted the water but we are already saying it is salty… that is the reason UWP is not in power, we don’t know what they will do but we are already saying they will be bad. Wrong choice my people.
Sad Times In…
(sspelling)…… Write**
They will only learn when govt. can no longer pay their salaries. What the report says is that the govt. can no longer borrow money. Skerrit will be safe in the U.S.A., liven the live of Riley while we have to suck salt but even the salt will run out eventually. Mark my words.
patat when you are lied to and mislead the day the truth is revealed it must be, not just good news but very good news.and is not only after erica credit rateings drop.
“remember petro caribe”
Charles before you talk about lying, please research caricris , see who their board of directors are, the owners and read the method they use to arrive at their credit ratings. Also look at St. Lucia which was downgraded in 2014. From what I read caricris is very objective in it’s application it is devoid of political influence. So if what you are saying is correct why is it now giving Dominica a negative rating. Stop looking at this issue through politically tinted lenses.
And you idiots are still singing the national anthem “labor ka twavay”.
This country is never going to make progress as long as these are in there.
Blow d horn!
Bondieu, all you look out! De sky going to fall on Dominica again. I not going to run and hide like Chicken Little because I know that you know that all of us know that all of us in de barrel that Erika put us in. So if de LL movie fans dem surprise and excited that CariCRIS(IS) give us (Dominica) a negative rating we doh surprise because we in de Erika CRISIS. So if de unreal LL staring movie fans an dem want to play de crab in de barrel episode we not interested. We too busy working to build our country better than before to give us a positive rating. And it doesn’t matter whether is de real starring Skerro or de unreal LL starring dat in charge we de true patriots will always stay in de committee and build Dominica.
Delving Castro the fruity dude from all the way up in Goodwill and living in NY Ponzi Schemes pay their debt until the bubble burst. Petro Carib piggy bank done. Venezuela pa nir l argent. Uncle Chavez busy dancing electric boogy woody with Michael Jackson and Elvis Presley.
Common sense should dictates that a country that has not producing ( in other words PA ka twavaille ) and pretendin that things are rolling well is bound to be exposed. Roosevelt Skerrit has always been a facade with no anchor or foundation.
Let them hide but truth is a relentless female dog. Even Venezuela with all it resources can’t hold up the facade of political and fiscal policy deception . Much less Dominica
“Chavez busy dancing electric boogy woody with Michael Jackson and Elvis Presley.”
classic.
Holy Kanoli, Where Tonii when you need him..this reeks of slander and disrespect!!.
.Time to concentrate on the big things..sad story for Dominica regardless of who in Power..
The smoke is clearing, the chicken are coming home to roost. The truth has a way of always coming to the fore. They need to know, they can only fool the people for some time, not all the time! They were flaunting Dominica’s economy as being on more stable ground than the other OECS countries!? Now, poof in their faces!!
By the way has Dominica defaulted on any of its debt obligation? Simple the answer in a loud no. The island has reserve at the ECCB to meet its debt obligation in the short term when it becomes due. SO what is the fuss.
From 2003 Dominica has never defaulted on any of its Debt Obligations.
What about Petro Carib…
Petro Caribe Dominica has never defaulted…get your facts straight..
Didn’t we decide to default on our cridit re the TRINIDAD bond matter?
This news is very good news for the UWP supporters, they just can’ t contain themselves. We had no issue with our credit rating before ERICA, after ERICA revenues are down and expenses have sky rocketed the government is negotiating to reschedule debt, long story short our already fragile economy took a major hit and so has our credit rating. This would be the situation regardless of which party is in office.
What about the Petro Carib Debt. Isn;t that still pending, and hasn’t it been pending since 2014? If the calendar is not upside down, that is before ERICA. Poor Erica is being blamed for problems caused long before she passed.
Patat….. Is donkeys like you that have Dominica the way it is. What about the report that can make UWP supporters happy? We are a country in crisis and the UWP want to take off you think they will be happy with a country that cannot or might not be able to services it debt. I will tell you they are steaming about that report because they seeing the country going down the drain and there is nothing they can do and people like you instead for you to see the ship sinking fast you there throwing stones on it. I hope you do some soul searching and look around you to see what is happening. This is BAD news for Dominica, very bad news and people should wake up.
Sad Times In Dominica…sad times
@mercy, I certainly will not call you a donkey as I know for a fact that you did not come here through the donkey hole but you are certainly licking it. If you read the article the negative rating was due to the storm and the fact that government did supply information about their current financial situation. Yes that is very good news for the UWP supporters, just read the blogs and observe the tone, yuu such a hypocrit trying to hide your happiness with fake concern. About two years ago the USA credit rating was downgraded, so this is not something new, it has to be addressed. I understand your anger and hurt at my comment but that’s how it is, the truth hurts.
Everything sinking except the net worth of ministers.
It’s something that all of us Dominicans at home and in the diaspora need to hear because we all believe that the UWP representatives were making things up , we heard from Dr. Thomson Fountain about where our economy is heading but we refuse to listen Regardless of you is in power we are in trouble so stop the nonsense because we need the men (Thomson) that can help us because we don’t have a trained or qualified finance minister .
Where is the IMF Article IV for 2014?
The negative reports are just starting to surface
When Skerrit told Dominicans to “Go to Hell” a few years ago, most of us thought he was just referring to Lennox Linton and supporters of the UWP right? Well with this report from our neighbors, it’s now clear that he has lead all of us to HELL man?
On another note note: Is today not the 18th of November? Can anyone tell us about the concert Prime Minister of Grenada said he would host for Dominica on Now. 7th? “The concert is expected to be held on Saturday, November 7 and some 5,000 people are expected to attend.” Remember it was supposed to be named “Dominica day”
If a person is working and demonstrates over the years that he is an honest serious person that can be trusted, I will do whatever I can to assist him when he is in trouble, storm or no storm. However, if a paro comes to me for money to fix his house after Erika, even if he had money like dust, I will not trust him with a penny because of his nature
This is just a parable and therefore be careful how you interpret it.
CariCris Go to Hell, Go to Hell, Go to Hell.
It is not your Damn business how Dominica is going to service its loans.
“no cooperation from the GOCD in providing us with the information we need to make a full assessment ” sorry but can someone remind me who is our minister of finance?? I also need to know what skills, educational back ground, or diploma he has to hold this position.
You hediot,,………
The same skills your opposition leader has to make him and people like you think he is qualified to be Prime Minister.
Did we expect our credit to be good ,considering we just had this catastrophe
with Erika ? There is much work to do ,Need to stop the criticizing and work
together to make Dominica we love better ,because we are Dominica if it fails
we all fails, Love for Country Please Dominicans
Island girl our credit rating didnt happen since Erika if you believe that you need to educate yourself, but I will agree we need to work towards rebuilding our Island
Alah all you those Laborites cyan read
Alas Papa God!!! Nous Fini Baht!!!
Do you even understand the article?
This is a serious indictment on the Government of The Commonwealth of Dominica.
And to think yesterday de Government had this donor’s conference where de PM announced it was a success!
Our island’s credit worthiness has been downgraded to negative.
we could have avoided this if we were upfront in providing timely information to de organisation upon request. That is is serious display of incompetence.
De PM to slow with recovery efforts.
De trip to Vietnam didn’t bring back a commitment on infrastructural reconstruction.
WHAT CONTRIBUTION WILL SELLING PASSPORTS BRING!
HOW MANY PASSPORTS HAVE TO SOLD TO BUILD A BRIDGE?
I glad is not Thomson Fontaine making that statement.
I want Tony to say that de report is biased towards UWP to make Rossevelt Skerrit look bad!
the same entity makes an ssessment of our very own AID Bank.
And this is the beginning of sorrows and woes under Skerrit. Not even Caribbean agencies believe Skerrit has the ability to pay back? let him keep lying about selling passports thinking because he can FOOL Ian and them he can fool everybody. Stay tune Dominica
Hahahahahahahahahahahahahahahahahahahahahah!
Oh! What a thing!
I would not trust any numbers coming from the GOCD. Who can remember the report from the auditor on the PM travel expenses.. They are probably trying to fix the numbers and having a real hard time. To make it work.
Skerrit doesn’t seem to know where he is, and he sure does not have a clue of where he is taking Dominica. I am just surprised Dominicans still have him occupying the seat of Prime Minister and Minister of Finance.
This report from CariCris is just yet another blow on Dominica as we try to recover from Erika. The following statement is very disturbing:
” Subsequent to this ,despite our best efforts we have had little or no cooperation from the GOCD in providing us with the information we need to make a full assessment of the impact of the storm on the country’s creditworthiness, and in particular its ability to meet its upcoming debt service commitments.”
Folks, this is not too different from what the IMF stated last week though they did not want to go that far.
This report here is not from Lennox Linton, or the UWP, as Skerrit and his gang have always tried to make us believe. It is from the Caribbean Information & Credit Rating Services Limited, DA is in serious trouble…
Exactly right. It is us that let him get away with it all. Eventually we all will wake up but I think it will be to late then!
Really? This attempt to kick a man when he is down is so low and shameful. Now that our Nation is recovering from one of the worst natural disasters in our history, this wicked organization chooses to put our credit worthiness as negative; of course making it more difficult for us to negotiate and/or contract much needed loans from lending institutions. This is a slap in the face and smacks of some “behind the scenes” machinations by our ordained Supreme Leader’s political enemies. Yet, thankfully our great and precious Supreme Leader, the Right and Honourable Dr. Roosevelt M. Skerrit is adored around the world and does not have a single problem in attracting millions of dollars to our shores. This magnificent leader (the best we’ve ever had) is a money magnet. No matter what they try our Supreme Leader will continue bringing improvement and development to his beloved Country through his numerous friends in the International Community. He is Dominica’s saviour!!
This has to be satire. Must be!
Are you for real?? I take these comments from LabourOfLove as sarcasm!!!
@LabourOfLove, Is only now I realized you are just being sarcastic about the lies and hypocrisies of Skerrit, to the people of Dominica. I now realized you mocking Skerrit but I would like to caution you about titles like “Supreme Leader” and Dominica’s Savior”
Shut your mouth fool; how can a god be down?
Skerrit is the Mountain Chicken Crapo mentality, who told the world when people pray to God for something, and God take long to give it to them; when they come to him crawling on their belly, and beg him for something he the cropo god Skerrit gives it to them immediately!
How can god Skerrit be down when the man boasted how he gave twenty ($20,000,000.00) million dollars to the Antiguan\’s, and another bundles of millions of dollars to St. Kits, and Anguilla!
Hahahahahahahahahahahahahahahhahahahahahahahah!
I wonder if Spencer used the bundle of millions to build the master piece high class terminal we see at Verde Bird International Airport, while Douglas-Charles International in pit hole filled with feces at Melville Hall.
You god Skerrit boast that he is the richest Prime Minister in the Caribbean, so how can you say the god is down! Tell him to give back the thieving money back to the nation, that will help to repair…
Really labor of love? You sound extremely stupid. Your words are indeed very vague. Like I told you before, you have very limited brain capacity and you are also delusional. An organization speaks about the facts but you interpret them as lies. You claim the P.M. has no problem attracting millions to Dominica’s shores, but the facts states that he has only received a few million of which he has so far squandered. You also claim he is the best we ever had but the facts states that Dominica is poorer now than it was 15 years ago. You claim he will continue to bring improvement and development to the country, but facts states that unemployment in Dominica is at an all-time high. I suspect you have your head shoved up too far inside Skeritt backside, that is why you talking all that shit because all you seeing is shit
@LabourOfLove November 18, 2015
Okay, but let us not forget the glory belongs to God, and I know that Prime Minister Skerrit knows that too
I am sure that his faith and trust in God is the reason he is able to express the charisma, which attracts International Leaders.
His enemy will do their utmost best to bring him down to failure. But God forbid this! Mr. Skerrit will be the Prime Minister of Dominica for as long as God says he will be. And I perceive that this decision from God is for a long, long time to come–my perceptions are never wrong
Elizabeth Xavier no matter what you do, you are still going to get the thumbs down!
Some Christian you are, writing under a fake, fictitious name, that is lying too, and lying is a sin. What kind of Christian are you?
labouroflove,i do not see how your personal comment,affects other comment writters,this is unbelievable,one even calls you a fool,these people have personal agendas man,but guess what,who is seating in the drivers seat,for sure,it’s not linton,it’s not UWP,so they surely they have a big problem,the other election date is how far away again?hey and guess what again,by the looks of how things are set to unfold,they are never going to get into power,we are not going back on no party that has been there and that?done what?and if they try a coup,we hanging all of them,and your statement is a fact,when things are good,your creditors are all good,a disaster comes,and you turn your back,man skerrit go to china,russia and north korea,at least you will know who your enemies are.
LabourOfLove , which University or Collage did Dr.Roosevelt M.Skerritt got his doctorate certificate and in what subject inquiry minds want to know.
Oh great! That means we sell our paper at higher interest rates because no one wants to buy our junk, and that investors won’t be keen on keeping D/can bonds because of this. It may also precipate a sell off of D/an fixed income securities. In order for investors to obtain confidence, they’re going to want to see IMF like impositions implemented. More pain for my sweet lil’ island, and I’ll always hold the current regime accountable for lack of foresight: No1. The squadering of monies on local election gimmickery; No 2. The non assurity of sustainable markets within those often vague MOUs; No 3. A lackluster attitude towards revitalizing and sustaining a viable agricultural industry. The way forward looks painful,but the good news is, every storm has an end.