About Us
CariCRIS is the Caribbean's regional credit rating agency. It is a unique market-driven initiative aimed at fostering and supporting the development of regional debt markets in the Caribbean.
A CariCRIS credit rating is an objective assessment of an entity's creditworthiness relative to other debt issuing entities. The CariCRIS regional scale rating compares an entity's creditworthiness to all debt-issuing entities in a defined Caribbean region. CariCRIS also offers a national scale credit rating where the comparison set is all debt-issuing entities in the financial markets of a single nation.
CariCRIS ratings aim to provide a regionally relevant risk assessment of entities and the debt that they issue within a wider context of an analysis of economic trends and financial developments. This will significantly improve an investor's ability to compare sovereign and corporate credits in the region. For borrowers, CariCRIS ratings will enhance credibility and expand access to funding sources.
Our Mission
To contribute to the development of a vibrant, integrated Caribbean capital market by setting the highest standards of credible independent analysis and opinion to enable informed financial decisions.
Our Core Values
- Integrity
- Independence
- Analytical rigour
- Teamwork
Our History
CariCRIS was established in Port of Spain, Trinidad and Tobago in 2004. The CariCRIS initiative was widely supported by developmental and financial institutions from across the Caribbean, driven by the realization that a local credit rating agency in the region will facilitate the development of the Caribbean capital markets. The idea of a local credit rating agency in the Caribbean has rightly found mention in the deliberations of market reform experts and economic forums, particularly in the late 1990's. A more tangible foundation for CariCRIS was laid when a feasibility study was commissioned in 2003, which covered several Caribbean nations and over 250 financial market participants, to conclude that the region collectively offers substantial economic size, a conducive economic and business environment and a progressive regulatory regime, to favour the prospects for a regional credit rating agency. It was also identified that a local credit rating agency could help bridge the large gap that existed in terms of investor information needs and available sources of publicly available information and analysis.
Having launched its services in October 2004, CariCRIS released its first credit rating in April 2005.
Major Milestones:
| Dec 2002: |
Feasibility study commissioned by the Bankers Association of Trinidad & Tobago and Central Bank of Trinidad & Tobago. |
| Apr 2003: |
Feasibility study recommends establishment of a regional rating agency. |
| Jan 2004: |
Maiden equity issue concluded, garnering USD 3 million as start up equity. |
| Feb 2004: |
CRISIL Limited, India engaged as technical consultants. |
| Feb 2004: |
Office opened in Port of Spain, Trinidad & Tobago. |
| May 2004: |
First shareholders meeting and appointment of Board of Directors. |
| Oct 2004: |
Launch of operations in Trinidad & Tobago. |
| Apr 2005: |
First rating released. |
| May 2005: |
Signing Ceremony with Caribbean Development Bank. |
| June 2005: |
Barbados Launch.
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| Oct 2005: |
Jamaica Launch. |
| May 2006: |
Joint Seminar with Standards & Poor's at Annual Meeting of the Caribbean Development Bank. |
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Feb 2007:
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First OECS rating released.
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Apr 2007:
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First Sovereign rating released. |
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