PM responds to Standard and Poor’s downgrade

    (File photo)

    Prime Minister Dr Keith Rowley remains optimistic despite this country’s recent downgrade by financial ratings agency Standard and Poor’s.

    S&P lowered its long-term foreign and local currency sovereign credit ratings for T&T from BBB+ to BBB, and affirmed its short-term foreign and local currency sovereign credit ratings at A-2.

    These ratings were based on S&P’s projection of a lower than expected energy production and economic growth, which it expects will weaken the country’s revenue base and delay Government’s plans to balance the budget by fiscal year 2020-2021.

    During a public meeting in San Fernando last night, Dr Rowley dismissed S&P’s projection of a reduction in gas production.

    As for S&P’s oil production prediction, he believes it will not come to pass, saying “Petrotrin has gone from drilling zero wells to Heritage now drilling 16 -18 wells”.

    He also wrote on his official Facebook page, that “any government that is not prepared to take the hard decisions for the people’s interest, is a government that you have no use for”.