CariCRIS reaffirms its overall ratings for the TT $300 million Collateralised Mortgage Obligation of Home Mortgage Bank (HMB CMO 2020-01)
Month: October 2023
Home Mortgage Bank ‘s Collateralized Mortgage Obligation CMO-2020-01
Colonial Fire & General Insurance Company Limited
RATING ACTION:
On September 14, 2023, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings of CariA (Foreign & Local Currency Ratings) on the regional scale and ttA (Foreign & Local Currency Ratings) on the Trinidad and Tobago national scale to Colonial Fire & General Insurance Company Limited (Colfire 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 the credit rating of the Government of the Republic of Trinidad and Tobago
- Sustained growth in PAT by >15% for two consecutive years without impacting other financial health indicators like 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 the Republic of Trinidad and Tobago
- A 2-notch deterioration of the credit rating of any of Colfire’s top 3 reinsurers by Standard and Poor’s Ratings Services
- A sustained deterioration in the Company’s regulatory capital adequacy ratio below 150% over the next 12 months
- Loss of relationship with any of the Company’s major reinsurers due to issues relating to the accessing foreign exchange
- A 15% fall in Motor Premium Income
- A more than 10.6% decline in operating profit over the next 12-15 months leading to another LAT
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
Brandon Singh
| 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. |
Colonial Fire & General Insurance Company Limited
CariCRIS reaffirms “good creditworthiness” credit ratings to Colonial Fire & General Insurance Company Limited
VM Investments Limited
RATING ACTION:
On September 14, 2023, CariCRIS upgraded the assigned Issuer/ Corporate Ratings to CariBBB (Local Currency Rating) on the regional scale and jmA- (Local Currency Rating) and jmBBB+ (Foreign Currency Rating) on the Jamaica national scale to VM Investments Limited (VMIL 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:
- Expansion of the Group’s product and service offerings and/or improvements in net interest spreads leading to a sustained increase in PAT of 10% or more for 2 years
- An improvement in the credit rating of the Government of Jamaica
- Less than 25% of VMIL’s (the Company) revenue is derived from dividend income as overall revenue from investments and loans increases sustained for 1 financial period
Factors that could, individually or collectively, lead to a lowering of the ratings and/ or Outlook include:
- Deterioration in VMWM’s total capital to total assets ratio to 7.5% or lower
- A deterioration of VMWM’s capital base to risk-weighted assets ratio to 12.5% or lower
- A lowering of the credit rating of the Government of Jamaica
- Reduction in PAT of VMIL by 10% or more for 2 or more years
- A cash injection of at least J $1.5 billion is not made by VM Financial Group (VMFG) in 2023
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-8356
Maxwell Gooding
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.
VM Investments Limited
CariCRIS upgrades overall ‘adequate creditworthiness’ ratings for VM Investments Limited
Goverrnment of Saint Lucia
RATING ACTION:
On September 14, 2023, CariCRIS reaffirmed the Issuer/Sovereign Credit ratings of CariBBB- (Foreign and Local Currency Ratings) on its regional rating scale assigned to the The Government of Saint Lucia (GOSL). A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could lead to an improvement in the Ratings and/ or Outlook include:
- Substantial changes in the debt levels leading to a debt to GDP ratio below 65%
- Achievement of a balanced budget over the medium term
- Sustained real GDP growth of the order of 3% per annum or more (above pre-COVID-19 level)
Factors that could lead to a lowering of the Ratings and/ or Outlook include:
- Significant changes in the fiscal position leading to a fiscal deficit larger than 15% of GDP
- Substantial changes in the debt levels leading to sustained debt to GDP in excess of 90% alongside a decline in debt servicing to below 2 times
Analyst’s Contact Info:
Stefan Fortuné
Phone: 1-868-799-6751 (m)
Sharlene Gordon
Phone: 1-876-618-9811
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.
Supreme Ventures Limited
RATING ACTION:
On September 14, 2023, CariCRIS upgraded the assigned Issuer/Corporate Credit Ratings by 1-notch to CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) on the regional rating scale and reaffirmed the Jamaica national scale ratings of jmAA- (Local Currency Rating) and jmA+ (Foreign Currency Rating) to Supreme Ventures Limited (SVL or the Group). A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement of the rating and/or outlook:
- Improvement in the Government of Jamaica’s credit rating, leading to an improved overall credit risk profile
- An increase in earnings from its Guyana operations to more than 15% of SVL’s annual profits
- Revenue increases by more than 12% sustained for the next 12-18 months
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:
- A deterioration in the Government of Jamaica’s credit rating over the next 12-15 months
- A deterioration of SVL’s revenue by more than 15%
- Interest Cover and/or DSCR below 1.5 times and 3.25 times respectively
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
Kyla Balwant
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.
Goverrnment of Saint Lucia
CariCRIS reaffirms “adequate creditworthiness” ratings for The Government of Saint Lucia
Supreme Ventures Limited
CariCRIS upgrades its regional scale credit ratings to Supreme Ventures Limited