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S&P Global Upgrades USVI’s Rating on GARVEE Bonds - Government of the United States Virgin Islands S&P Global Upgrades USVI’s Rating on GARVEE Bonds - Government of the United States Virgin Islands Government of the United States Virgin Islands Home Governor Albert Bryan Jr Pressroom Executive Orders The Cabinet Government of the United States Virgin Islands Home Governor Albert Bryan Jr Pressroom Executive Orders The Cabinet © 2026 Government of the United States Virgin Islands S&P Global Upgrades USVI’s Rating on GARVEE Bonds Search Latest Comments No comments to show. December 17 U.S. VIRGIN ISLANDS—Governor Albert Bryan Jr. announced Friday that S&P Global Ratings raised the Territory’s outlook from “negative” to “stable” and affirmed its “A” rating on the Virgin Islands Public Finance Authority’s (VIPFA) outstanding grant anticipation revenue (GARVEE bonds) for the U.S. Virgin Islands. “The outlook revision reflects our assessment of the availability of VIPFA’s Transportation Trust Fund revenue given the severe weather-related impacts on the territory in recent years,” said S&P Global Ratings credit analyst Kevin Archer. Earlier this month, Governor Bryan and members of his senior staff had a presentation for bondholders and buyers and other investors, marking the Government of the Virgin Islands re-entry into the financial markets. “This rating from S&P Global is a clear indication of the success of the Bryan/Roach Administration’s pledge to stabilize the Territory’s economy and restore trust in the government,” Governor Bryan said. “While this is a very positive signal from the bond markets, this is just the beginning and my Administration will continue to work toward fiscal stability.” In September, Moody’s Investors Service confirmed as “stable” the U.S. Virgin Islands’ Caa3 issuer rating, as well as the ratings on the territory’s four liens of matching fund revenue bonds issued through the Virgin Islands Public Finance Authority. “The stable outlook reflects recent improvement in the government’s liquidity and near-term financial position driven by the receipt of disaster assistance and loans from the US government, a surge in tax revenues associated with local reconstruction activities, and an increase in concession fees from the Limetree refinery facility,” Moody’s said. The Territory’s GARVEE bonds are backed by the VIPFA’s Transportation Trust Fund (TTF). Following the immediate impact of Hurricanes Irma and Maria in September 2017, the VIPFA projected that TTF revenue would decline in fiscal 2018 and noted the potential for further declines in this revenue or a diversion to other critical needs. “However, the pledged TTF revenue was not affected as originally forecast, and the additional certainty to the availability of this revenue has stabilized our view of the credit profile,” S&P Global said. The GARVEE bonds are special, limited obligations of the VIPFA, secured by a first lien on federal highway grant revenue and a fully funded debt service reserve fund. The TTF revenue provides a backup pledge on the bonds, which mitigates any funding disruptions at the federal level. TAGS No tags CATEGORIES Uncategorized Previous Next Comments are closed © 2026 Government of the United States Virgin Islands.