CariCRIS 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.