PanJam Investment Limited

RATING ACTION:

On December 7, 2022, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings at CariA- (Foreign & Local Currency Ratings) on the regional scale and jmAA- (Foreign & Local Currency Ratings) on the Jamaica national scale to PanJam Investment Limited (PanJam or the Company). A stable outlook was maintained.

RATING SENSITIVITY FACTORS:

Factors that could, individually or collectively, lead to an improvement in the ratings and /or outlook include:

  • An improvement in the ratings of the Government of Jamaica
  • A sustained improvement in effective DSCR of more than 3 times over a 2-year period

Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:

  • Fall in occupancy below the break-even level of 50%
  • Continued economic uncertainty leading to ongoing losses in investment income and a pause on ongoing construction projects which can results in a fall in total operating revenue by over 45%
  • A significant decline of 50% or greater in SGJL’s dividend income
  • A sustained effective DSCR of less than 1.5 times over a 2-year period

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com

Jeffrey James

jjames@caricris.com

www.caricris.com 

info@caricris.com

PanJam Investment Limited

CariCRIS reaffirms ‘good creditworthiness’ ratings assigned to PanJam Investment Limited

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Jamaica Public Service Company Limited

RATING ACTION:

On December 7, 2022, CariCRIS reaffirmed the assigned ratings of CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) on the regional rating scale, and jmAA+ on the Jamaica national scale to Jamaica Public Service Company Limited (JPS or the Company). A stable outlook was maintained.

RATING SENSITIVITY FACTORS:

Factors that could, individually or collectively, lead to an improvement in the ratings and/or Outlook include:

  • An improvement in the credit rating of the Government of Jamaica over the next 12 – 15 months
  • Continued improvement in the economic conditions in Jamaica over the next 2 years, thereby leading to increased demand for energy

Factors that could, individually or collectively, lead to a lowering in the ratings and/or Outlook include:

  • A deterioration in the credit rating of the Government of Jamaica over the next 12 – 15 months
  • Failure to satisfy any existing debt covenants
  • At least 2 consecutive years of declining operating profit by 10% or more

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com

Kyla Balwant

kbalwant@caricris.com

www.caricris.com 

info@caricris.com  

 

Jamaica Public Service Company Limited

CariCRIS reaffirms ‘good creditworthiness’ ratings assigned to Jamaica Public Service Company Limited (JPS)

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Endeavour Holdings Limited

RATING ACTION:

On December 7, 2022, CariCRIS reaffirmed the assigned issue ratings at CariA (Local and Foreign Currency Ratings) on the regional scale and ttA (Local Currency Rating) on the Trinidad and Tobago national scale to the TT $400 million bond issue of Endeavour Holdings Limited (EHL or the Company). A stable outlook was maintained.

RATING SENSITIVITY FACTORS:

Factors that could, individually or collectively, lead to an improvement in the ratings and /or outlook include:

  • An improvement in the ratings of the Government of Trinidad and Tobago
  • Occupancy levels rising to above 95%

Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:

  • A 10% decline in annual rental income
  • Occupancy levels declining to below 75%
  • The inability to refinance the bond/balloon payment by March 2023 and breach of any of its financial covenants thereafter for 2 consecutive years form FY2023/23
  • A fall in the effective DSCR to below 1.5 times for 2 consecutive years

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com

Brandon Singh

bsingh@caricris.com

www.caricris.com 

info@caricris.com

Endeavour Holdings Limited

CariCRIS reaffirms its overall ratings for the TT $400 million bond issue of Endeavour Holdings Limited

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