Two Trinidad And Tobago Infrastructure Entities Downgraded Following The Same Action On The Sovereign

  • On March 26, 2020, we lowered our long-term sovereign credit rating on the Republic of Trinidad and Tobago (T&T) to 'BBB-' from 'BBB'. The outlook is stable.
  • As a result, we're taking the same rating action on two government-related infrastructure entities, The National Gas Co. of Trinidad & Tobago Ltd. (NGC) and Trinidad Generation Unlimited (TGU).
  • The outlook on these companies is stable, mirroring that on the sovereign.
MEXICO CITY (S&P Global Ratings) March 27, 2020--S&P Global Ratings lowered 
its local and foreign currency ratings on Trinidad and Tobago to 'BBB-' from 
'BBB', reflecting our expectations that lower oil and gas prices over the next 
several years will weaken the government revenues and lead to larger increases 
in net general government debt. The outlook on the sovereign is now stable. 

As a result, we're lowering our ratings on government-owned NGC to 'BBB-' from 
'BBB' and TGU to 'BB+' from 'BBB-'. The ratings on both companies continue to 
reflect our opinion that there's a very high likelihood that T&T would provide 
timely and sufficient extraordinary support in the event of financial 
distress, given the very important role that they play in the country's energy 
matrix. In addition, ratings on NGC and TGU incorporate their stand-alone 
credit profiles (SACPs) of 'bbb-' and 'bb-', respectively.
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