Dominica’s government creditworthiness adequate – CariCRIS

The Caribbean Information and Credit Rating Services Limited (CariCRIS) has adjudged as adequate the creditworthiness of the Dominica government based on the country’s economic performance during the last three years.

The agency has assigned the rating of CariBBB- on the Dominica’s government’s debt of US$25 million, CariCRIS said in a release on Thursday.

It said the rating indicate that the level of creditworthiness of this obligation, adjudged in relation to others debts in the Caribbean is adequate.

The ratings reflect Dominica’s favourable economic performance in the last three years relative to its regional peers in key areas such as economic growth and fiscal performance, said the agency.

Dominica also has the third highest three-year average real gross domestic product (GDP) growth rate of 2.5 per cent, CariCRIS said.

In addition, Dominica has maintained one of the lowest public sector debt/GDP ratios of 60.2 per cent in the last three years.

According to the rating agency, monetary indicators have been relatively stable and in line with its peers in the Organisation of Eastern Caribbean States.

The external sector has generally performed creditably with a three-year average balance of payments surplus of 1.3 per cent of GDP.

Gross international reserves are also sufficiently healthy to cover 8 months of imports, the release said.

“These rating strengths are tempered by the small, open economy with a narrow economic structure, which renders it highly vulnerable to external shocks; severe capacity constraints particularly in its human resources, and the high dependence on grant funding to support the fiscal position and balance of payments,” CariCRIS added.

CariCRIS’ CEO, Wayne Dass applauded the Dominica government for its decision to contribute to domestic and regional capital market development by accessing the regional credit rating.

Dass said the government’s decision to make the rating public also spoke volumes to their commitment to transparency and openness and sets a good example for other sovereigns in the region to follow.

CLICK HERE TO READ FULL RELEASE

Disclaimer: The comments on this page do not necessarily reflect the views of DominicaNewsOnline.com/Duravision Inc. All comments are approved by DominicaNewsOnline.com before they are posted. We never censor based on political or ideological points of view, but we do try to maintain a sensible balance between free speech and responsible moderating.

We will delete comments that:

  • violate or infringe the rights of any person, are defamatory or harassing or include personal attacks
  • are abusive, profane or offensive
  • contain material which violates or encourages others to violate any applicable law
  • promote hatred of any kind
  • refer to people arrested or charged with a crime as though they had been found guilty
  • contain links to "chain letters", pornographic or obscene movies or graphic images
  • are excessively long and off-message

See our full comment/user policy/agreement.

58 Comments

  1. 1979 eTErNAL
    March 19, 2012

    to all the literate and up to date folks here on DNO……I have one phrase..”REMEMBER MOODY’S ROLE IN THE TOO BIG TO FAIL FIASCO???” for those who are not so informed or are lacking intellect, go figure!

  2. Jacque Megzo
    March 19, 2012

    What a string of confusion. Clearly this is a desperate attempt to cover up the bad reports from credible evaluation reports from recognized and legitimate institutions. Who is CARCRIS – we are now hearing about CARCRIS for the first time. As one person said CARICRIS is a private consultant firm providing financial advise to clients. The government of Dominica conveniently became a client. CARICRIS responsibility to the Dominica government as it’s client is to present a bright and gorgeous picture and so they did.

    It is sad that so may Dominicans behave like five dollar crack addicts – crack addicts get a five dollar fix with a little bit of cocaine based with baking soda feel good , temporarily take away the realities but beneath that misery and pain is growing. In everything action speaks louder than words and when we hear that ; we are doing better than the rest of the Caribbean; Dominicans are providing support to their overseas relatives; Dominica is providing loans to Antigua and Anguilla and yes we care and red clinic is symbolic of our progress – the situation on the battle field is totally contrary to what we are ask to believe.

    How can a government with such high credit rating unable to provide a 80 thousand dollar guarantee for Dominican who is desperately in need of medical assistance? How can a government with such strong economic policies after 10 nyears cannot on it’s own maintain feeder roads for farmers, put in place the basic requirements from the cruise ship companies; The list is plenty but I’m sure that if we evaluate the situation with honest and integrity many questions will come to the foe. How can we fix something until we accept that it is broken.

  3. Thomas George
    March 19, 2012

    I have been reading lots of comments and I read a lot of rubbish by Dominicans. First I must say that Dominican must stop depending on the Government and their people abroad to do everything for them. We need to start doing for ourselves, there is so much the Gov’t can do. Also government must stop giving all these hand out to healthy young men and women. Twenty years ago all young men and women in Dominica was planting all types of crops,they had some kind of income today most people are just sitting by the roadside begging and smoking. It is so bad and disgusting when someone visit Dominica to see some many beggers. These young and healthy people they think that people owe them something when they come from overseas. It is time that Government start telling people to start working again and let’s get our lovely country producing again and stop giving all these handouts. Lets do something to get this country going again.

    Concern dominican

  4. Cassandra
    March 18, 2012

    This credit rating should be viewed in the proper regional context, bearing in mind that CariCris itself is only a regional rating service.In this regard the following excerpt from an article in the “Barbados Advocate” of 9 January, 2012 is both revealing and sobering. In respect of a U.S.$.300 million debt issue it says the following:” Despite concerns that the Barbados government debt is hovering just above junk bond status on the world market, the Caribbean Information and Credit Rating Service Ltd. (CariCris) has reaffirmed the level of credit worthiness of the island as high”.

    The CariCris credit rating in this case is AA (high), compared with Dominica’s BBB- (adequate).

  5. Fair and Balance
    March 17, 2012

    Empty vessels really does make the most noise. Some ppl only live to critisize yet they have have nothing of worth to contribute themselves. Go ahead hide behind your devices all you want,we still see how ignorant you`ll really are. What can I say, if you were an idiot Yesterday, still one today chances are you`ll be an idiot tomorrow.

  6. observer
    March 17, 2012

    india wants to sell their fake drugs to da.come on people everything is under the table. wake up.

  7. observer
    March 17, 2012

    caricriss is not serious.these guys were given cooked numbers.any info from the dir of audit is pure gabage.mr nicholas you better ask why tose labourers who cut the crass cannot get paid for monts.the civil servants who gave these chaps those false numbers should be jailed. i would like to see those reports.go to the market on saturday and see for yourself.

  8. Jbfox
    March 17, 2012

    Good news atlast the last few months have been a barrage of violent crime.Big up labour and Skerro.

  9. AB
    March 17, 2012

    it is rather strange to see some of the comments that are coming from some people since most of them do not understand half of the terms explained here. this is the typical Dominican, they highlight the negative in everything.most people dont realise that this is a good name for Dominica. KEEP ON working for the betterment of the country. great job

  10. We Joking!!
    March 17, 2012

    We Joking….but the facts are Dominica is the Poorest in the Eastern Caribbean…go check the US Embassy Cables, IMF Reports etc…haha

    So this report isnt credible “AT ALL”

    wonder how i could get a hold if this institutions and tell them the are bunch of fakers….do they have a # or website…

    folks lets blog and call them…this is the way we need to be pro-active and diss these false information…we tend to remain silent on issuess..

  11. jacky chan
    March 17, 2012

    CARICRIS is not a credit bureau but a private firm or branch of a financial firm from India. Don’t be fooled by a desperate attempt to sugar coat the sour situation in Dominica. If we want a genuine analysis of our economic status just get out and breathe the economic air. If Kwangju a credit report and willing to pay for it there are many others like CARICRIS.

  12. Whistler
    March 17, 2012

    thats another damage control paid off institution by the corrupt regime..

    just about 2 weeks ago CDB Boss saying almost 30% poverty in Dominica…

    Dominica has less than 70,000 citizens..how now this institution springs up from the dark…and disceminating this distorted and rather ill report..

    Have Dominicans gone to school and understand reality and issues…Guess its right that many in the region think of Dominica in the lower bracket..

    thats why JA didnt want the cricket match to come to DA…Dominicans must realise that they being laughed all areas because the accept rubbish from anyone period…no critical analysis etc..re reports we just swallow things down..

    anyway you cant run from the truth…see the Dominica today..why is all that anger around maybe a cloud of darkness has sat over Dominica ever more since dec 18th 2009…only time will tell….Dominica is way to tense in my view..

    The country is worst state of affairs since it got independance…corrupt DLP Govt are Blood Suckers!!!

  13. Gee
    March 17, 2012

    ******GIVE THE REAL DEBT********

    WHY ARE YOU RATING JUST ONE OF THE DEBT??
    STOP TREATING US LIKE FOOLS. WE OWE AT LEAST 400 million dollars.

    CAN YOU JUST GIVE US AN OVERAL RATING TO INCLUDE…………OUR TOTAL DEBT????

  14. smoke screeners
    March 17, 2012

    haha what another typical spinning institutions or the facts and reality on the Ground…

    the Govt books may look good in some areas..

    reality is that poverty is on the increase and cost of living is rising…production is zero there isnt any visionary approaches down the line..

    majority of the citizens dont follow issues period the contented with small issues a road re- surfacing a school builted a handout etc…but the facts of the matter the economy isnt growing folks dont have spending power etc…

    most caribbean institutions are polictcally movtivated period like the courts and different agencies..just a call to a big boss to give a average pass and return a cash transfer to his personal bank account is pretty much the order of the day in these third world countries..facts…

    but the sad thing caribbean folks are generally blind and dont realise that the chinese will over power and re-colonalise them within the next 2 decades, because they are weak and lack substance period…a bunch of pretenders and greedy,selfish mounds…

  15. Farmer's son
    March 17, 2012

    This Press Release should be taken for what it is.

    A credit worthiness of ‘Adequate’ is a reminder to us and our creditors that there is still work to be done. In particular we cannot ignore the CariCRIS observation that there are ‘severe capacity constraints particularly in its (DA’s) human resources, and the high dependence on grant funding to support the fiscal position and balance of payments’.

    Let us pause for a moment before we start celebrating.

  16. jacky Chan
    March 17, 2012

    Let me simplify this. Guilty or not your lawyer who you are paying must prove your innocence. CARICRIS is not a credit bureau. Anyone can go to CARICRIS and pay for a credit report. CARICRIS is an extension of an India base financial consultant firm. A corrupt one too. So you give them whatever information which in our case came from government auditors and supposedly the consultant perform third parties reviews.
    Well peeps make your own assement based on the condition in the kitchen- hot comfortable, nothing is cooking. Jude Nicholas claim to be an accountant and yet he jump on this report just like a .

  17. Investor
    March 17, 2012

    It is USD 25 million Ddebt issue, not to be mistaken for Government’s Debt.

    “Caribbean Information and Credit Rating Services Limited (CariCRIS), the Caribbean regional credit rating agency, has assigned ratings of CariBBB- (Foreign Currency Rating) and CariBBB- (Local Currency Rating) on its Caribbean regional rating scale to the USD 25 million debt issue (notional) of the Government of the Commonwealth of Dominica (GOCD).”

    • Malatete
      March 17, 2012

      Glad to see someone did their homework!

  18. March 17, 2012

    Have seen some other reports written by caricris and they lack credibility. A report written by the organisation is so twisted and lack the basic facts. These guys only report what they are told with very little research on their part. So i would not put much weight on that report.

  19. Not a herd follower
    March 17, 2012

    Some questions I have:

    Dominica’s external debt is US$25 m? What about the growing debt service payments? The slackening performance of the VAT? the lack of growth drivers, according to the IMF?
    CariCriS seemed to have downplayed the persistent and growing Current Account Balance deficit and the issuing of new debt to pay old debt. The latter does not sound like sound financial management.

    Despite my misgivings, I welcome the efforts of this regional institutions. I trust that its work will add to the sophistication of the regional financial market.

    • Jude Nicholas
      March 17, 2012

      You need to read correctly. The Credit rating was done on the US$25M debt which the Government is about to “float” on the Regional Securities Exchange. and has given Dominica a Tripple B rating which is very satisfactory.

      Dominica’s National debt is way way more than US$25M. Pleae give the Government the credit it deserves

      • Malatete
        March 17, 2012

        Jude, are we floating this debt to the general public because we find it easier,less onorous and more lucrative than obtaining finance from the traditional institutions such as commercial banks?
        You wouldn’t, by any chance, be involved in any agency, placing these notes on behalf of the Govt., on a commisssion basis, would you?

        You see, such agency will not lose and receive immediate cash by deducting their entitlement from the sales proceeds, regardles how the obligation will perform in future.

        Yes, we do need ready cash, if only to meet current costs but this proliferation of Govt. debentures has me really worried.There are people who collect worthless, but beautifully printed bonds from South American railroads that either were never built, never completed or simply never turned in a dime of profit but make very nice wall decorations! Before we know it this debt will be discounted in the market and we end up with a scenario not unlike the U.S. mortgage market, which deflated like a poorly baked souffle.
        Sorry but once bitten, twice shy.

    • Wayne's world
      March 17, 2012

      CARICRIS is private consultant firm. You pay for your report just like the doctors giving clearance to the immigrants without due medical examinations .
      You know money is the root of all evil

    • Gee
      March 17, 2012

      They left out all the other debts. Looks like they were just talking about one of the debts. We owe at least $400 million.Though I am glad that the public sector debt is low, that could also indicate we are not growing.

  20. Anonymous
    March 17, 2012

    Who is rating CariCris!!!

  21. Pedro
    March 17, 2012

    admin: there must be an error: dominica’s debt is much more than us$25M. in editing the press release however you left out the important word: issue…its dominca’s proposed debt issue, not its entire debt..big difference

    • BIG
      March 17, 2012

      What “issue”?

      Did you read well?

    • FACEUP
      March 17, 2012

      hahaha,,,YOU AND Q95 IS A BIG JOKE, COME AGAIN MAN, COME AGAIN !!!

  22. Jude Nicholas
    March 17, 2012

    I will call some names here. DNO please I crave your indulgence. Nothing libelous.

    I would like Athie Martin, Clayton Shillingford, Dr Thomson Fontaine. Lennx Linton Gabriel Christian, the Q95 Carbal and the rest of the hate mongers to comment on this.

    I challenge thedominican.net to post this on their newspaper. Dr Francis Severin of UWI this is a good topic to write about. I want to hear what you guys have to say or write about this.

    I wish to congratulate the officers of the Ministry of Finance especially Mrs Rosemond Edwards- Financial Secretary, Mrs Francisca Pascal – Budget Controller and the Director of Audit who keep those guys on their p’s and Q’s.

    Congratulations to the Prime Minister and Minister of Finance for providing strong leadership.

    The minotity is talking while the vast majority is working. Thank you DLP for keeping the county’s FINANCES in good shape.

    • Not a herd follower
      March 17, 2012

      Jude, you seem to be wildly jubilant. This is not an A++ rating. Dominica’s rating is merely adequate, according to the own words of the rating agency. It’s like getting a 50 % for a research paper at university where the norm is 90 %.

    • grogy
      March 17, 2012

      Another baseless and bogus report just like the Parry Ballot productivity report.Jude Nicholas you are just doing your job of disseminating lies. Just wish that those who are paid tax payer money would work for the development of Dominica. Only party idiots would buy into this nonsense. Jude read the report carefully and then come again. A country depending donation for the last 10 years; we cannot pay civil servant; taking from social security; cannot give a 80 thousand EC dollar guarantee to save the life of a citizen; a country who cannot give civil servants 3% raise; a country whose economy depend strictly on VAT.
      Didn’t this credit agency consider the loans from China; did the report consider that we have to borough 20 million to take care of basic domestic needs. That the government can hardly cover damages inflicted on farmers and fishermen.
      Jude Tony Nicholas we expect nothing from this government but lies.Matt at a media conference ask a Caribbean bank personnel to back up a statement he made that was clearly a lie and guess what he couldn’t backup the statement and that was embarrassing.
      Who feels it know it. Some of us take political cortisone to numb the pain. While you numb the pain the injury gets worse. Isn’t that what pigs do to the athletes just to make money? If we believe that those hugs in government are any different then lord have mercy.

    • Met Yo
      March 17, 2012

      It early still…

      List names still….you will get something to list names about in time…with that labour party there…

      That’s an inaccurate report.

    • Cerberus
      March 17, 2012

      I am happy that we have been assigned a credit rating but to try and paint this as a sign of strong leadership is gilding the lilly a bit and somewhat flattering:

      – this rating does only refer to a U.S.$.long term Govt. obligation. of U.S.$.25 million
      – by comparision, a similar debt issue (also for U.S.$.25 million) by Anguilla was rated as “good” (AA-) in Dec. of 2011 by the same agency.
      – The rating of our debt issue (BBB-) is “adequate”,only one spot above the rating BB- “weak”.

      I appreciate that the officers at the Ministry of Finance are diligent and that their performance deserves praise but what I really would like to see is an overall country rating for Dominica.

    • Truth Seeker
      March 17, 2012

      Couldn’t agree with you more on your observations. Per capita, we have too many naysayers.

      Yet a note of caution is unmistakable in the finding. And that is, government must pay special attention to the following: One, the country has “a narrow economic structure, which renders it highly vulnerable to external shocks.” And two, “severe capacity constraints, particularly in its human resources,” makes our nation highly dependent “on grant funding to” meet its ongoing fiscal and balance of payments” responsibilities.

      This suggests to us that we are not yet out of the woods, not nearly. And that we need to broaden our economic scope.

      Speaking plainly, government cannot afford to rest on its laurels, but do exceedingly more to expand Dominica’s economic portfolio overall.

  23. Fren
    March 17, 2012

    Gross international reserves is enough to cover imports”. This is laughable. Ladies and gents put the face of Henry on this article. Do we really have international reserves. Hey I know about those hidden bank accounts. If we have international reserves why all other reputable agencies see otherwise strictly poverty.
    I cannot believe that this dude is insulting our intelligence. He wouldn’t dare pull that crap in Barbados.

  24. Fren
    March 17, 2012

    Boy look crap. It’s like the doctor telling people I am fine but I as the patient is suffering and almost paralyzed. One does not have to be educated to know right of the bat this is all lies.

    .

    • ???
      March 17, 2012

      doctors will tell you that they do not heal people, they can only help you to heal yourself with drugs, so stop taking in the crap in your body and maybe you will feel find

  25. Is That So!?
    March 17, 2012

    …..TRANSPARENCY and OPENNESS…Hope Lennox took note..

  26. Is That So!?
    March 17, 2012

    Lennox,did you take note of what Dass said?..Government commitment to TRANSPARENCY and OPPENNESS…This sets a GOOD example to other sovereigns in the region to follow…Mr.Linton,would that be too much for you to talk about BETWEEN YOU AND ME?..Still listening to Q95.

  27. blaze
    March 17, 2012

    very good ! now civil servants should have no problems in getting their increase of 3%. Civil servants i hope all you reading , its time you stand up for what is truely yours. 8)

  28. FACEUP
    March 17, 2012

    U.W.P eat your heart out,WE WORKING,Those of you who are figuring out how we pay our bills, well we got credit so more developement, MR SKERITT, Blessing !!!

  29. Satelite
    March 17, 2012

    Now that is a working positive government.

  30. ineedfree
    March 17, 2012

    we need more info on this agency.

    So many agencies spring up and speak languages that cant reach the everyday people.

    Is almost like “defying the everyday”.

    • Truth Seeker
      March 17, 2012

      Do your own research. It is not hard to find. And then come back on here and make an informed commentary about the agency’s assessment methods. Most important, make comments that “everyday people” can understand. Do us that favor, please.

      • ineedfree
        March 18, 2012

        I wonder what you would tell Parry about his research on productivity….this restricted to a few who have the resources and authority.

        However, when reports of such researches are made public, the only agenda is truth in all forms.

        Taxpayers’ ten cents can turn some tricksters into millionaires….agreed?!

  31. BIG
    March 17, 2012

    8)

  32. mum.
    March 17, 2012

    Good

    • Malatete
      March 17, 2012

      Correction, not “good” but “adequate”.

  33. Mr.
    March 17, 2012

    yes

  34. Mr.
    March 17, 2012

    Good

  35. JB
    March 17, 2012

    AA BB. DNO write somthing good about this goverment.

  36. ineedfree
    March 17, 2012

    That means that we shouldnt create jobs for the people and that they must get poorer and poorer.

    What is the electorate going to decide…..inspite of the condition on the ground they should vote back the dlp?

    what confused travesty

    This is a strange report

    • Confuse Travesty!
      March 17, 2012

      @ineefree, I know that the reputable once upon a time IMP Economist Dr. Thompson Fontaine would perhaps agree with you! :mrgreen: :mrgreen:

  37. BIG
    March 17, 2012

    Clapping hands! 8)

  38. Peeping Tom
    March 17, 2012

    Now, this is truly “newsworthy” material.

  39. Shameless
    March 17, 2012

    Hmmmmmmmmmmmmmmmmmmmm!

  40. simple mind
    March 17, 2012

    CariCris must have fallen asleep along our blocked economic roadside.

Post a Comment

Your email address will not be published. Required fields are marked *

:) :-D :wink: :( 8-O :lol: :-| :cry: 8) :-? :-P :-x :?: :oops: :twisted: :mrgreen: more »

 characters available