TORTOLA, BVI – The British Virgin Islands has achieved a notable milestone with its sovereign credit rating elevated to investment grade BBB/A-2 by S&P. This rating comes with a “stable” outlook, highlighting the BVI’s robust position as a global financial services hub and enhancing investor confidence. The territory has been recognized for its prudent management of public finances and proactive risk mitigation strategies.
This upgraded credit rating is poised to reduce borrowing costs for government projects, positively impacting residents and businesses alike through improved infrastructure, enhanced public services, and economic growth opportunities. It also opens the door for businesses in the BVI to gain greater access to financing, bolstering trade relations and overall market stability. The BVI remains dedicated to fostering long-term stability and growth in light of this significant rating.
“Our commitment to accountability, transparency, and fiscal responsibility has been acknowledged with this S&P sovereign credit rating. This achievement reflects our dedication to economic opportunity for our territory and those investing here,” said the Premier of the BVI. “This rating is a testament to the solid foundation of our financial services industry and our readiness to cater to the evolving needs of discerning investors.”
The credit agency’s assessment emphasized the territory’s institutional stability, demonstrated fiscal discipline, and sustainable economic policies, alongside a potential for moderate short-term growth. Additionally, the use of the US dollar as the official currency provides a reliable economic anchor, contributing to the stability of the territory’s banking system.
“This credit rating reassures our international business clientele and supports our local economy,” the Premier added.
The BVI’s creditworthiness and stable outlook mark it as a resilient and dependable jurisdiction, comparable to other renowned financial centers worldwide. The rating assures institutional investors, global financial institutions, and development partners of the territory’s appeal for foreign direct investment and private sector initiatives. The BVI’s steadfast commitment to a long-term economic strategy, regulatory framework, and transparency has further solidified its reputation among global businesses and financial services firms.
The Ministry of Finance is dedicated to effectively managing the financial affairs of the Virgin Islands, focusing on the formulation and implementation of fiscal policies, public sector budget oversight, management of government revenues and expenditures, and ensuring adherence to financial regulations and standards.
