RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the assigned ratings at CariAA (Foreign and Local  Currency Ratings) on the regional rating scale and ttAA (Local Currency Rating) on the Trinidad and Tobago (T&T) national scale to Trinidad and Tobago Unit Trust Corporation (TTUTC). 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:

• Improving market and economic conditions over the next 12-15 months, leading to sustained Net Investment Income growth in excess of 20%.
• Diversification of funds under management to include a greater share of millennial unitholders.
• Successful expansion and implementation of operations into the Caribbean.

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

• A sustained decline in equity prices and interest rates over the next 12-15 months, leading to a 30% decline in Net Investment Income.
• A deterioration in the credit quality of the fixed-income portfolios below investment grade.

Keith Hamlet

Mobile : 1-868-487-4356

khamlet@caricris.com   

Sultan Mohammed

Mobile : 1-1868-362-7304

smohammed@caricris.com   

www.caricris.com 

info@caricris.com  

CariCRIS reaffirms ‘high creditworthiness’ ratings for Trinidad and Tobago Unit Trust Corporation

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RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the assigned ratings of ttAA- (National Local Currency Ratings) on the Trinidad & Tobago national scale, for Home Mortgage Bank’s Collateralized Mortgage Obligation – CMO 2022-01. 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 the credit rating of the sovereign over the next 12-15 months.
• Satisfactory repayment of Tranche A with payment flows in line with or above CariCRIS’ expectations.
• Sustained improvement in TTMF’s asset quality levels which reduces the originator risk.

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

• Persistent deterioration in the mortgage pool quality with delinquency levels of above 10% and/ or NPL ratio of above 5% within the underlying mortgage pool leading to heightened extension and/ or default risk over the next 12-15 months.
• Deterioration in TTMF’s NPLs to Gross loans ratio of above 10.5% sustained for 2 financial periods.
• A deterioration in the credit risk profile of T&T leading to increased market risk.
• Cashflow shortfalls from the mortgage pool that may impair payments of principals and interests.
• Replacement of TTMF as Administrator and Trustee and HMB as Registrar and Paying Agent with a lower rated counterparty.

Analysts’ Contact Info:

Keith Hamlet

Mobile: 1-868-487-8356

khamlet@caricris.com

Sharlene Gordon

Mobile: 1-876-618-9811

sgordon@caricris.com    

www.caricris.com   

info@caricris.com

Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.  However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.  No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval.  CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.

Caribbean Information & Credit Rating Services Limited (CariCRIS), the region’s credit rating agency, wishes to inform the public of the withdrawal of the credit rating and outlook assigned to the Institute of Private Enterprise Development Limited (IPED). This rating was last reported on by CariCRIS in March 2022.

These ratings were withdrawn following CariCRIS’ receipt of notice from IPED. As a result, the rating will no longer be kept under annual surveillance and as such there will be no further updates on this corporate credit rating.

Institute of Private Enterprise Development Limited – Withdrawal of Corporate Credit Rating

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RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the Issuer/Corporate Credit ratings CariAA+ (Foreign and Local Currency Ratings) on its regional rating scale and ttAA+ (Foreign and Local Currency Ratings) on its Trinidad and Tobago national rating scale assigned to Massy Holdings Limited and its subsidiaries (Massy or the Group). 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:

• Continued intraregional and extra-regional expansion resulting in an increase in operating revenue by > 15% for 2 consecutive financial periods
• An improvement in operating profit margin to > 12.5% for 2 consecutive financial periods
• An increase in operating cash flows leading to an improvement in effective DSCR to > 7.5 times for 2 consecutive financial periods

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

• A deterioration in operating profit margin to < 5% for 2 consecutive financial periods
• A decline in operating cash flows leading to a deterioration in effective DSCR to < 1.2 times for 2 consecutive financial periods

Analysts’ Contact Info:

Keith Hamlet

Mobile: 1-868-487-8356

khamlet@caricris.com   

Megan Dass

mdass@caricris.com     

www.caricris.com   

info@caricris.com

CariCRIS reaffirms overall ‘high creditworthiness’ ratings for Massy Holdings Limited and its subsidiaries

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RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the assigned ratings of ttAA- (National Local Currency Ratings) on the Trinidad & Tobago national scale, for Home Mortgage Bank’s Collateralized Mortgage Obligation – CMO 2022-01. 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 the credit rating of the sovereign over the next 12-15 months.
• Satisfactory repayment of Tranche A with payment flows in line with or above CariCRIS’ expectations.
• Sustained improvement in TTMF’s asset quality levels which reduces the originator risk.

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

• Persistent deterioration in the mortgage pool quality with delinquency levels of above 10% and/ or NPL ratio of above 5% within the underlying mortgage pool leading to heightened extension and/ or default risk over the next 12-15 months.
• Deterioration in TTMF’s NPLs to Gross loans ratio of above 10.5% sustained for 2 financial periods.
• A deterioration in the credit risk profile of T&T leading to increased market risk.
• Cashflow shortfalls from the mortgage pool that may impair payments of principals and interests.
• Replacement of TTMF as Administrator and Trustee and HMB as Registrar and Paying Agent with a lower rated counterparty.

Analysts’ Contact Info:

Keith Hamlet

Mobile : 1-868-487-4356

khamlet@caricris.com   

Sharlene Gordon

Mobile : 1-1876-618-9811

sgordon@caricris.com   

www.caricris.com 

info@caricris.com  

RATING ACTION:

On March 16, 2023, CariCRIS reaffirmed the Issuer/Corporate Credit ratings jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on its Jamaica national rating scale assigned to General Accident Insurance Company Jamaica Limited (GENAC 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
• Sustained growth in PAT by > 15% over the next 2 years without adversely impacting capital adequacy and asset quality

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

• A lowering of the credit rating of the Government of Jamaica
• A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or Standard and Poor’s Ratings Services
• Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
• A deterioration in the Company’s Minimum Capital Test Ratio below regulatory minimum sustained for 6 months
• A 10% fall in gross premium income for 2 consecutive years

Analysts’ Contact Info:

Keith Hamlet

Mobile: 1-868-487-8356

khamlet@caricris.com   

Megan Dass

mdass@caricris.com     

www.caricris.com   

info@caricris.com

Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.  However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.  No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval.  CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.

CariCRIS reaffirms its overall ‘high creditworthiness’ ratings to the TT $100 million Collateralised Mortgage Obligation of Home Mortgage Bank

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