RATING ACTION:

On March 16, 2022, CariCRIS reaffirmed the assigned ratings of CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) on the regional rating scale, and jmAAA on the Jamaica national scale to Sagicor Group Jamaica Limited (SGJ or the Company). A stable outlook was assigned.

RATING SENSITIVITY FACTORS:

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

• An improvement in our internal ratings assigned to the sovereign

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

• Substantial deterioration in the financial performance and profitability of the Group, with a greater than 25% increase in net insurance benefits and claims and an accompanying 15% rise in operating expenses

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com    

Kyla Balwant

kbalwant@caricris.com    

RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the Issuer/Corporate Credit rating jmAAA (Local Currency Rating) on its Jamaica national rating scale assigned to Sagicor Life Jamaica Limited (SLJ or the Company). A stable outlook was maintained.

RATING SENSiTIVITY FACTORS:

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

• An improvement in the credit rating of the Government of Jamaica

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

• A lowering of the credit rating of the Government of Jamaica
• Deterioration in the financial performance and profitability of SLJ, with a greater than 10% fall in premium income

Analysts’ Contact Info:

Keith Hamlet

Mobile: 1-868-487-8356

khamlet@caricris.com   

Megan Dass

mdass@caricris.com     

CariCRIS reaffirms ‘highest creditworthiness’ rating for Sagicor Life Jamaica Limited

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CariCRIS reaffirms ‘good creditworthiness’ ratings for Sagicor Group Jamaica Limited.

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RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the issuer ratings of CariAA- (Foreign and Local Currency Ratings) on its regional rating scale assigned to The Government of the Virgin Islands (GoVI). A stable outlook was assigned.

RATING SENSITIVITY FACTORS:

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

• Real GDP growth of at least 5% sustained over the next 2 years
• A sustained improvement in visitor arrivals to greater than pre-hurricane levels over the next 2 years
• A consistent improvement in company incorporations and registrations to pre-pandemic levels over the next 2 years

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

• An increase in the total public sector debt to above 40% of GDP
• Failure to implement recommendations of the COI by December 2023.
• A change in the island’s status as a British overseas territory or a material change in the level of support rendered to The VI from the UK

Analysts’ Contact Info:

Stefan Fortuné

Phone: 1-868-799-6751 (m)

sfortune@caricris.com

Brandon Singh

bsinght@caricris.com

www.caricris.com 

info@caricris.com

CariCRIS reaffirms ‘high creditworthiness’ issuer credit ratings to the Government of the Virgin Islands

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RATING ACTION:

On March 16, 2023, CariCRIS lowered the assigned issuer/corporate credit ratings by 1 notch to CariBBB+ (Foreign and Local Currency Ratings) on the regional rating scale, and ttBBB+ on the Trinidad and Tobago (T&T) national scale as well as jmA+ on the Jamaica national scale to NiQuan Energy Trinidad Limited (NETL or the Company). A stable outlook was assigned.

RATING SENSITIVITY FACTORS:

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

• Full commercialisation of operations with a track record of on-spec production and adequate debt servicing
• Higher than projected revenues and profits based on favourable selling prices and lower than projected operating costs

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

• Non-achievement of optimal LRT by June 30, 2023 resulting in the inability to refinance the existing STNI or obtain approval for a further extension by noteholders by July 31, 2023
• Unsuccessful start-up of full commercial operations at the nameplate capacity of 2,400 bpd by September 1, 2023, and/or production falling below minimum operational efficiency guarantee of 2,640 bpd for a sustained period
• A fall in the Interest Cover to below 1.5 times and/or a drop in the Effective Debt Service Coverage Ratio to below 1 time postproduction at a minimum guaranteed nameplate capacity of 2,400 bpd

RATING RATIONALE

Caribbean Information and Credit Rating Services Limited (CariCRIS) has lowered the assigned issuer/corporate credit ratings by 1 notch to CariBBB+ (Foreign and Local Currency Ratings) on the regional rating scale and ttBBB+ on the Trinidad and Tobago (T&T) National Scale as well as jmA+ on the Jamaica National Scale to NiQuan Energy Trinidad Limited (NETL or the Company). The regional and national scale T&T ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean and within T&T is adequate. The Jamaica national scale ratings indicate that NETL’s creditworthiness, compared to other obligors in Jamaica is good.

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com   

Brandon Singh

bsingh@caricris.com   

www.caricris.com 

info@caricris.com  

CariCRIS lowers its ratings for NiQuan Energy Trinidad Limited

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RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the assigned Bond Issue Credit ratings of CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional scale and jmAA+ (Local Currency Rating) and jmAA (Foreign Currency Rating) on the Jamaica national scale to the US $40 million bond debt issue of PBS Technologies (Trinidad) Limited (PBSTTL or the Company). A stable outlook was maintained.

RATING SENSITIVITY FACTORS:

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

• An increase in PAT of above 10% for 2 consecutive years
• An improvement in the sovereign risk profiles of the countries that the Company operates in

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

• A greater than 4% decline in operating revenue for 2 consecutive years
• A decline in interest cover to below 2 times
• A deterioration in the Company’s debt/ TNW ratio to more than 3.5 times
• A breach of any of the financial covenants associated with the US $40 million Bond
• Material deviation of PBSTTL’s audited financial accounts for 2022 from management accounts presented, resulting in lower profitability and cash flow adequacy metrics
• Unfavourable capital market conditions that could hinder access to new capital given the likelihood that the US $40 million bond would have to be refinanced in 2026
• A deterioration in the sovereign risk profiles of the countries that the Company operates in

Analysts’ Contact Info:

Keith Hamlet

Mobile : 1-868-487-8356

khamelt@caricris.com

Maxwell Gooding

mgooding@caricris.com

www.caricris.com 

info@caricris.com

CariCRIS reaffirms overall ‘high’ creditworthiness’ ratings to the US $40 million bond issue of PBS Technologies (Trinidad) Limited (PBSTTL)

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