On December 16, 2024, Moody’s affirmed Trinidad and Tobago’s rating at Ba2 with a Stable outlook. This affirmation is underpinned by the country’s return to sustained growth, primarily driven by the non-energy sector.

Despite lower-than-projected energy revenues in fiscal year 2024, which have increased the fiscal deficit to 4.8% of GDP from 1.7% in fiscal year 2023, Moody’s recognizes the government’s fiscal revenue diversification efforts, as evidenced by the operationalization of Trinidad and Tobago Revenue Authority (TTRA) in 2025.

The rating agency also acknowledges that potential fiscal risks are mitigated by significant buffers. These include the Heritage and Stabilisation Fund (HSF) and cash reserves amounting to more than 40% of GDP in fiscal year 2024.