Fitch Ratings said it has withdrawn the following ratings and outlooks for the United States Virgin Islands (USVI) and the USVI Public Finance Authority (VIPFA):

  • USVI Issuer Default Rating (IDR) CCC; outlook negative;
  • VIPFA gross receipts tax revenue bond rating B; outlook negative;
  • VIPFA senior lien matching fund revenue bond rating B; outlook negative;
  • VIPFA subordinate lien matching fund revenue bond rating B; outlook negative;
  • VIPFA subordinate lien matching fund revenue bond rating (Diageo project) series 2009A B; outlook negative;
  • VIPFA subordinate lien matching fund revenue bond rating (Cruzan project) series 2009A B; outlook negative.

The USVI and VIPFA have communicated their intent to stop participating in the rating process, and Fitch no longer has sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for either issuer.

Virgin Islands Gov. Kenneth Mapp, whose office in St. Croix is pictured, said his government is on its way to fiscal responsibility.
Virgin Islands governor's house in St. Croix

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