International credit rating firm, Moody's has downgraded Trinidad and Tobago, saying the policy response by the Government was insufficient to impact low energy prices.
Moody's downgrade was announced via a statement from its New York office.
Moody's gives T&T a 'stable' outlook.
"Moody's Investors Service ("Moody's") has today downgraded Trinidad and Tobago's issuer and senior unsecured debt ratings to Ba1 from Baa3 and assigned a stable outlook.
The rating action was based on the following key drivers:
International cedit rating agency, Moody's, has downgraded Trinidad and Tobago's ratings once more, with a negative outlook.
The announcement was made in a statement today.
Moody's says the Government's policies in response to the oil and gas prices, are unlikely to have any timely effects because of weak execution.
It expects the country to be faced with low oil prices through 2018.
The following is Moody's full statement: