Why a Regional Credit Rating Agency?
Traditionally, rating agencies have assigned ratings with respect to two different comparison sets - a global scale and a national scale. However, for regions such as the Caribbean, which comprise many small national economies, global scale ratings are inadequate.
A regional scale comparison is more useful and relevant particularly where, as is the case in the Caribbean, the region's economies tend to be similar in economic, political and demographic structure.
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Why CariCRIS Now?
There is a current trend across the Caribbean towards the development of local capital markets. A greater number of entities, both companies and sovereign nations, are able to raise more money from a wider base at a lower cost than with traditional bank lending. A developed capital market therefore allows a company or a country to weather financial or economic crisis and benefit from globalization.
In the Caribbean, the size of local economies and markets limits the extent of capital market development that single economies can achieve on their own. However, the limitations are lifted and the benefits are enhanced by participation in a regional capital market.
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