Island Car Rentals Limited

RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the assigned ratings at jmBBB (Foreign & Local Currency Rating) on the Jamaica national scale to the J $2.2 billion debt issue of Island Car Rentals Limited (ICR or the Company). A positive 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 to the ratings of the Government of Jamaica
  • A 10% or greater annual increase in car rental income sustained for another year
  • A DSCR of more than 2.5 times sustained over the next 12-15 months

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

  • A deterioration to the ratings of the Government of Jamaica
  • Total operating revenue growth slows below 10% over the next 12-15 months
  • An 8% or greater rise in total operating expenses
  • Failure to satisfy the minimum DSCR requirement
  • Inability to refinance or fully repay the J $2.2 billion bond issue at maturity

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com

Kyla Balwant

kbalwant@caricris.com

www.caricris.com 

info@caricris.com  

Island Car Rentals Limited

CariCRIS reaffirms its ratings to the J $2.2 billion debt issue of Island Car Rentals Limited

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The Port Authority of Jamaica

RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the assigned Issuer/Corporate credit ratings of CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating) on the regional rating scale, and jmAA (Local Currency Rating) on the Jamaica national scale of The Port Authority of Jamaica (PAJ or the Authority). A positive 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 the credit rating of the sovereign over the next 12-15 months.
  • A significant increase in total operating revenue or profit leading to the DSCR remaining above 1.5 times over the next year.

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

  • Unexpected material changes in the terms and conditions of its concession agreements with its cargo operators due to force majeure that will negatively impact the payment of guaranteed fixed revenue to the Authority.
  • A greater than 25% decline in operating revenue over the next 12-15 months.

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com

Jeffrey James

jjames@caricris.com

www.caricris.com 

info@caricris.com

The Port Authority of Jamaica

CariCRIS reaffirms ‘adequate creditworthiness’ ratings assigned to The Port Authority of Jamaica (PAJ)

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