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Moody's Investors Service has confirmed the US 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: Senior Lien Bonds, Caa2; Subordinate Lien Bonds, Caa3; Subordinated Indenture (Diageo) Bonds, Caa3, and Subordinated Indenture (Cruzan) Bonds, Caa3. This action concludes the review of the ratings that we initiated on June 12 for lack of sufficient financial information. This action affects approximately $1.06 billion in outstanding matching fund debt. The outlook on these ratings is stable.
President Donald Trump has approved the request made by Governor Albert Bryan Jr. to declare a federal emergency in the wake of Hurricane Dorian.
Governor Albert Bryan Jr., submitted his first Executive Budget as governor Thursday to the 33rd Legislature to fund the operations of the Government of the Virgin Islands (GVI) for Fiscal Year 2020.
Much improved economic outlook highlighted in national publication.
During a Cabinet meeting on St. Croix on Tuesday, Governor Kenneth E. Mapp thanked his leadership team and other members of his Administration for working tirelessly with the U.S. Virgin Islands community and federal officials to submit proposals which resulted in the approval of critical funds for the recovery and the long-term sustainable development of the Territory.
Budget submitted on schedule to 32nd Legislature.
Attached is a press release that includes a link to the proposed budget submitted on May 30, 2018 to the US Virgin Islands Legislature. The USVI Legislature will hold a series of hearings as part of the approval process for the FY 2019 Budget which commenced in June 2018.
This information is subject to change without notice. This Notice only speaks as of its date and does not imply there has been no change in any other information relating to the Authority or the US Virgin Islands or any of its outstanding bonds. Nothing contained in this Notice is, or should be construed as, a representation that the information included in this Notice constitutes all of the information that may be material to a decision to invest in, hold or dispose of any securities issued by or for the benefit of the Authority or the US Virgin Islands. Although the Authority may provide additional information from time to time regarding the matters in this Notice, it is not required to do so.
Deal creates hundreds of new jobs and helps fund new hotel development in St. Thomas.
Washington, DC - In a joint press conference in Washington, DC with U.S. Department of Housing and Urban Development Secretary Ben Carson, U.S. Virgin Islands Governor Kenneth E. Mapp announced today that the Territory will receive $1.6 billion in additional Community Development Block Grant Disaster Recovery (CDBG-DR) funding to repair and rebuild private and public housing, and for economic revitalization and infrastructure reconstruction and resiliency.
This is part of the HUD grants included in President Donald Trump’s spending bill in early February for almost $90 billion of supplemental disaster funding and covering hurricane relief for Texas, Puerto Rico, Florida and the U.S. Virgin Islands as well as the California wildfires. The newly announced disbursement is in addition to $243 million in HUD funding provided to the Territory in February.
“Just seven months ago we were struck by two Category 5 hurricanes within 12 days of each other, causing catastrophic damage throughout our Territory,” said Governor Mapp. “These storms devastated our entire power grid and severely damaged our hospitals, our schools, our roads, as well as thousands of homes and businesses.”
“It’s clear that a number of communities in the U.S. Virgin Islands are still struggling to recover from a variety of storms,” said HUD Secretary Ben Carson. “These grants will help rebuild communities impacted by past disasters and will also protect them from major disasters in the future.”
Governor Mapp added, “With the help of President Trump, FEMA, and the efforts of committed federal partners such as HUD Secretary Carson, we have begun our long road to a successful recovery. On behalf of the people of the U.S. Virgin Islands, I offer my deepest gratitude to the Secretary and our federal partners for their support.”
HUD grants are administered through the Virgin Islands Housing Finance Authority, which submits proposals for various recovery projects to HUD for approval. Some of the anticipated projects will include rebuilding and/or repairing public and senior housing and emergency shelters that were wiped out during the storms (including Queen Louise Home for the Aged in St. Thomas and Herbert Grigg Home for the Aged in St. Croix), upgrading and hardening the power distribution system, the dredging of Charlotte Amalie’s harbor to accommodate Oasis class cruise ships, road reconstruction, and telecommunications and wastewater system improvements.
U.S. VIRGIN ISLANDS - Governor Kenneth E. Mapp is publicly applauding United States President Donald J. Trump for signing into law the Additional Supplemental Appropriations for Disaster Relief Requirements Act, 2017.
On Thursday, The White House announced that the President signed Act (H.R. 2266), which provides additional Fiscal Year 2018 emergency supplemental funding for hurricane and wildfire relief and recovery efforts.
On Wednesday, the United States Senate completed action on the $36.5 billion supplemental disaster recovery spending bill, which includes $4.9 billion for emergency operating loans for the governments of Puerto Rico and the U.S. Virgin Islands.
Governor Mapp said the formal approval of this funding will go a long way to help the U.S. Virgin Islands bounce back. "We can continue rebuilding damaged infrastructure and restoring the Territory's power system."
The Governor thanked the “federal family” for all of their hard work assisting Virgin Islanders in the aftermath of Hurricanes Irma and Maria: “They have been out in the communities, working with citizens, our territorial government, the private sector and volunteer organizations.”
Governor Mapp also thanked Virgin Islanders for their continued patience. “It hasn't been easy these past few weeks, but I'm proud of the people of the U.S. Virgin Islands. You have shown the world how resilient we are. We are on a path towards rebuilding a better, stronger Virgin Islands, one day at time.”
October 27, 2017
Government House, St. Thomas - The United States Senate completed action this afternoon on a $36.5 billion supplemental disaster recovery spending bill, which includes $4.9 billion for emergency operating loans for the governments of Puerto Rico and the U.S. Virgin Islands, Governor Kenneth Mapp announced. The bill, which passed the Senate on a vote of 80-19, now goes to the President for his expected signature.
Governor Mapp said his administration has been working with officials of the Federal Emergency Management Agency (FEMA) for the last several weeks on an emergency Community Disaster Loan, in anticipation of the Congressional action, to cover the Territory’s operating expenses in the aftermath of the devastation by Hurricanes Irma and Maria.
The supplemental spending bill includes a waiver requested by Governor Mapp which eliminates the statutory $5 million cap on the CDL loan amount. The purpose of the loan is to cover all disaster-related revenue losses for the local government and to avoid disruption of essential public services.
The supplemental appropriations legislation also includes a total of $18.7 billion to refill FEMA’s coffers and to fund immediate FEMA disaster response costs.
In a letter to Governor Mapp, U.S. Office of Management Budget (OMB) Director Mick Mulvaney said that the supplemental bills contained funds for the most pressing emergency and recovery needs. He said long-term recovery needs of the Virgin Islands and other affected jurisdictions would be addressed in later spending legislation.
Governor Mapp praised the Senate action, commending Senate Majority Leader Mitch McConnell for taking up the bill quickly after the House of Representatives acted to approve the bill. “The swift Congressional action reflects Congress’s recognition of the unprecedented nature and scope of the disaster, as well as Congress’s willingness to assist their fellow Americans at a time of great need,” the Territory’s Chief Executive said.
Governor Mapp also announced he would be traveling to Washington, DC early next month to testify in support of additional federal assistance for the Virgin Islands in hearings planned by Senator Lisa Murkowski (R-Alaska), the Chairwoman of the Senate Energy Committee which has jurisdiction over the U.S. Territories.
October 24, 2017
NEWS PROVIDED BY
Limetree Bay Terminals, L.L.C.
CHRISTIANSTED, Virgin Islands, Oct. 5, 2017 /PRNewswire/ -- In coordination with the U.S. Coast Guard and local officials, Limetree Bay Terminals, L.L.C. ("Limetree") has resumed commercial operations after the passing of Hurricane Maria. Truck rack loading operations serving local and area fuel suppliers resumed within 24 hours of the hurricane, and vessels commenced shore tank loading and unloading operations shortly thereafter.
In addition, Limetree continues to work in coordination with the Government of the U.S. Virgin Islands, FEMA, and private relief efforts to aid in the delivery and distribution of supplies. Limetree is committed to supporting near term hurricane relief efforts as well as longer-term regional recovery planning and will continue to provide assistance in support of these efforts where possible.
Limetree Bay Terminals, L.L.C. owns and operates a terminal storage and marine facility in St. Croix, U.S. Virgin Islandsthat consists of 32 million barrels of crude oil and petroleum product storage capacity, a deep-water port with ten ship docks and six dedicated tug boats, a truck rack, and idled refinery units with total peak processing capacity of 650 thousand barrels per day. It is located on approximately 1,500 acres situated along the south shore of St. Croix. Limetree is a joint venture between an affiliate of ArcLight Energy Partners Fund VI, L.P. ("ArcLight") and an affiliate of Freepoint Commodities LLC ("Freepoint"). More information about ArcLight, and a complete list of ArcLight's portfolio companies, can be found at www.arclightcapital.com. More information about Freepoint can be found at http://www.freepoint.com.
Please be advised that as of August 25, 2017, the US Virgin Islands Public Finance Authority (“PFA”) will no longer be providing information for credit ratings on its Matching Fund Loan Notes and Gross Receipts Tax Bonds to Moody’s Investors Service, Inc., Standard & Poor’s Global Ratings and Fitch Ratings, Inc. We understand that, at your discretion, you may withdraw these ratings at any time. Please note this decision does not include the PFA’s GARVEE Bonds, US Virgin Island Water and Power Authority Bonds and Virgin Islands Port Authority Bonds.
Going forward, it is our intention to provide updated financial information regarding the PFA and the Government of the Virgin Islands on EMMA and BondLink. You may access information on these sources. If you have any questions regarding this matter, please contact our financial advisor, Richard Tortora, President, Capital Markets Advisors, LLC at (516) 487-9815.
August 25, 2017