Why CariCRIS now?

There is a current trend across the Caribbean towards the development of local capital markets. In varied settings around the world the benefits of a developed capital market have been documented. 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 that which obtains with traditional bank lending. A developed capital market therefore allows a company or a country to weather financial or economic crisis and is another means by which small, open economies can 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 an integrated, regional capital market.

Increasingly, corporations, governments and regulators have recognized these benefits, and there has been a concerted effort in the Caribbean towards economic integration in general and the integration of capital markets in particular.

Rating agencies are almost universally recognized as an essential part of the development of the capital market in fixed income securities. They meet the marketÔs need for research and credible, independent analysis thereby increasing the speed and efficiency with which capital markets develop.

It is this need for regional credit information for a regional capital market that CariCRIS seeks to meet. This is the CariCRIS mission.