CREDIT RATING REPORT The Government of Anguilla October 2013 INSTRUMENT RATED RATING ASSIGNED USD 25 million Debt Issue (Notional) Cari BBB+ RATING HISTORY Date Foreign Currency Instrument/Remarks September 20, 2013 Cari BBB+ USD 25 million Debt Issue (Notional) September 28 , 2012 Cari A- USD 25 million Debt Issue (Notional) November 7, 2011 Cari A- USD 25 million Debt Issue (Notional) October 25 , 2010 Cari A USD 25 million Debt Issue (Notional) September 30 , 20 09 Cari A+ USD 25 million Debt Issue (Notional) July 29, 2008 Cari AA USD 25 million Debt Issue (Notional) September 21 , 2007* Cari AA USD 25 million Debt Issue (Notional) *Initial Rating Assigned RATING DRIVERS Analytical Contacts: Andre Joseph Strengths Tel: 1-868-627-8879 Ext. 227 E-mail:
[email protected] • Support from the British Government as an overseas territory • Stable political environment with a history of broad policy Kathryn Budhooram Tel: 1-868-627-8879 Ext. 226 stability and very low but increasing levels of crime E-mail:
[email protected] • Good financial market infrastructure but limited monetary Website: www.caricris.com policy flexibility Email:
[email protected] Weaknesses • Poor and deteriorating loan portfolio quality Disclaimer: CariCRIS has taken due care • Limited fiscal flexibility on account of a narrow tax base and caution in compilation of data for • Limited access to funding, exacerbated by the breach of the debt this product. Information has been obtained by CariCRIS from sources management benchmarks which it considers reliable. However, • CariCRIS does not guarantee the Small, relatively narrow economic structure accuracy, adequacy or completeness of • External sector characterised by significant deficits on the any information and is not responsible for any errors or omissions or for the current account results obtained from the use of such information.