The Virgin Islands has retained its strong investment-grade credit ratings from Caribbean Information and Credit Rating Services Limited (CariCRIS), with the regional agency reaffirming the Territory’s high level of creditworthiness and maintaining a stable outlook amid ongoing economic and governance reforms.
In its latest assessment, CariCRIS reaffirmed the Virgin Islands’ issuer credit ratings of CariAA- for both foreign and local currency obligations, placing the Territory among the stronger-performing jurisdictions in the Caribbean region. The ratings reflect what the agency described as a “high level of creditworthiness relative to other obligors across the Caribbean.”
Premier and Minister of Finance Natalio Wheatley welcomed the report, describing it as a sign of confidence in the Territory’s economic management and resilience.
“This latest assessment by CariCRIS affirms the strength and resilience of the Virgin Islands’ economy and the Government’s steadfast commitment to sound fiscal management and good governance,” Wheatley stated.
According to the report, several major factors supported the ratings affirmation. CariCRIS pointed to the Virgin Islands’ low debt levels, prudent fiscal discipline under the Protocols for Effective Financial Management (PEFM), governance reforms implemented following the Commission of Inquiry (COI), and the Territory’s relatively high GDP per capita.
The agency projected the Territory’s GDP per capita at approximately US$45,861 for 2025, noting that the Virgin Islands’ US dollar-based economy continues to provide stability for trade and investment activity.
CariCRIS also highlighted the significance of the Virgin Islands’ status as a British Overseas Territory, stating that the ratings include a multi-notch uplift based on the expectation of support from the United Kingdom if necessary.
The stable outlook assigned to the Territory reflects expectations of continued modest economic growth, strengthening tourism activity, and stability within the financial services sector. The agency said it expects government to maintain cautious fiscal management while continuing institutional reforms.
However, the report also warned of vulnerabilities facing the Virgin Islands economy. CariCRIS noted that the Territory remains exposed to external shocks including hurricanes, global economic uncertainty, and evolving international financial regulations affecting offshore jurisdictions. The agency also cited ongoing human resource limitations and weaknesses in monitoring parts of the external sector.
The ratings agency said future upgrades could be possible if the Territory achieves sustained economic growth above five percent over the next two years and returns company incorporations to pre-pandemic levels. Conversely, a sharp increase in public debt or significant changes in the United Kingdom’s support relationship could negatively affect the ratings.
The latest report marks another positive assessment for the Virgin Islands after CariCRIS upgraded the Territory’s fiscal performance indicators in 2025, citing improving government revenues and stronger fiscal management practices.
Economic analysts say the reaffirmed ratings are likely to strengthen investor confidence in the Territory at a time when government continues to pursue infrastructure development, tourism expansion, and financial services reforms while navigating post-COI governance scrutiny.