Moody's Ratings Affirms the Ratings of Three Companies from Trinidad and Tobago; Negative Outlook

  • On December 15, 2025, Moody's Ratings (Moody's) has taken rating actions on several non-financial companies operating in Trinidad and Tobago. These actions follow the rating agency’s rating action on the Government of Trinidad & Tobago (GoTT), where the Ba2 rating was affirmed and revised the outlook to negative from stable.
  • Moody’s affirmed the credit profiles of Heritage Petroleum Company Limited1, National Gas Company of Trinidad and Tobago2, and Port of Spain Waterfront Development Limited3, while revising the outlooks on all ratings to negative from stable.
  • These outlook downgrades are due to the revision in Trinidad & Tobago's outlook to negative. This reflects heightened external vulnerability following a sharp decline in foreign exchange reserves, which have fallen well below prior projections, despite ongoing current account surpluses. Persistent foreign exchange shortages reported among economic agents and the reduced coverage of upcoming external maturities increase balance of payment and government liquidity risks during the transition period before new hydrocarbon projects are expected to bolster reserves and growth from 2027/28.
  • Accordingly, the change in the companies' outlook to negative reflects the heightened government liquidity risks, which directly constrain the potential support available to Heritage, NGC, and POSWDL.

 _______________________

1B2 Baseline Credit Assessment [BCA], Ba3 Corporate Family Rating [CFR] and Ba3-backed senior secured notes.
 2Ba2 BCA, Ba2 CFR and Ba2 senior unsecured notes.
 3Caa2 BCA, Ba2 CFR and Ba2 senior secured global notes.

(Source: Moody’s Investors Service)