CariCRIS reaffirms its overall ratings for the TT $200 million Collateralised Mortgage Obligation of Home Mortgage Bank (HMB CMO 2019-01)
Month: December 2023
Home Mortgage Bank ‘s Collateralized Mortgage Obligation CMO-2019-01
Jamaica Public Service Company Limited
CariCRIS upgrades its regional scale credit ratings for Jamaica Public Service Company Limited (JPS)
Home Mortgage Bank’s Collateralized Mortgage Obligation CMO-2019-01
RATING ACTION:
On December 6, 2023, CariCRIS reaffirmed the overall issue rating of ttA+ (SO) on the Trinidad and Tobago (T&T) national scale to the TT $200 million Collateralised Mortgage Obligation (CMO) of Home Mortgage Bank (HMB) (CMO 2019-01). A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement of the rating and/or outlook:
- An improvement in the loan portfolio quality, with an NPL ratio of lower than 5% and/or a return to delinquency levels of 2% – 4% within the underlying mortgage pool over the next 12-15 months
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:
- Persistent and further deterioration in the mortgage pool quality with delinquency levels of above 20% and/ or NPL ratio of above 8% within the underlying mortgage pool leading to heightened extension and/ or default risk over the next 12-15 months
- Consistent cash flow shortfalls in the underlying mortgage pool over the next 12-15 months that may impair payments of principals and interests
- A deterioration in the credit risk profile of T&T leading to increased market risk
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.
Jamaica Public Service Company Limited
RATING ACTION:
On December 6, 2023, CariCRIS upgraded the assigned corporate credit rating by 1-notch to CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale and reaffirmed the Jamaica national scale rating of jmAA+ to Jamaica Public Service Company Limited (JPS 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 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
- Improved operating efficiency, with availability, heat rate and SAIDI metrics consistently meeting targets over the next 2 years
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
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. |
Endeavour Holdings Ltd
CariCRIS reaffirms its overall ratings for the TT $400 million bond issue of Endeavour Holdings Limited
Wigton Windfarm Limited
Wigton Windfarm Limited Rating Upgraded to CariBBB+ (Local Currency Rating) on the regional rating scale and reaffirmed at jmA (Local Currency Rating) on the national scale; Stable Outlook assigned.
Wigton Windfarm Limited
RATING ACTION:
On December 6, 2023, CariCRIS upgraded the assigned issue credit rating by 1-notch to CariBBB+ (Local Currency Rating) on the regional rating scale and reaffirmed the Jamaica national scale rating of jmA (Local Currency Rating) to the J $5.8 billion bond issue of Wigton Windfarm Limited (Wigton 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:
- Successful diversification by the Company into other renewable sources of energy, geographical markets or unrelated streams of income, thereby boosting revenue stability and/or expansion.
- Improved operating efficiency, with capacity and availability metrics consistently meeting targets.
- Material expansion in total installed capacity resulting in a more than 10% increase in operating profit sustained for 2 years.
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- Breach of any of the debt covenants.
- Failure to satisfy any of the performance requirements of the Power Purchase Agreements
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. |
General Accident Insurance Company Jamaica Limited
General Accident Insurance Company Jamaica Limited Ratings Reaffirmed at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national scale; Outlook maintained at Stable
Saint Lucia Electricity Services Limited
Saint Lucia Electricity Services Limited Ratings Reaffirmed at CariBBB- (Foreign and Local Currency Ratings) on the regional scale; Outlook maintained at Stable
Saint Lucia Electricity Services Limited
RATING ACTION:
On December 6, 2022, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Saint Lucia Electricity Services Limited (LUCELEC or the Company) at CariBBB- (Foreign and Local Currency Ratings) on its regional rating scale. 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 sovereign over the next 12-15 months
- Continued improvements in economic and business conditions over the next 12 months in Saint Lucia, thereby leading to increased electricity sales
Factors that could, individually or collectively, lead to a lowering of the Ratings and/or Outlook include:
- A deterioration in the credit rating of the sovereign over the next 12-15 months
- A greater than 10% decline in operating revenue sustained for 2 consecutive years
- Trade receivables turnover greater than 65 days sustained for 2 years
- Debt Service Coverage Ratio lower than 2 times sustained for 2 years
- A change in the monopoly position afforded by regulation
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
Megan Dass
Mobile: 1-868-713-6863
| 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. |