Government of Barbados Ratings upgraded to CariBBB- (Foreign and Local Currency) on the regional scale; Outlook revised to Stable
Month: December 2023
Government of Barbados
The Bank of Belize Limited
The Belize Bank Limited Ratings upgraded to CariBBB- (Local and Foreign Currency Ratings) on the regional scale and reaffirmed at bzAA+ (Local Currency Rating) on the Belize national Scale; Outlook revised to stable.
The Bank of Belize Limited
RATING ACTION:
On December 6, 2023, CariCRIS upgraded the assigned Issuer/ Corporate credit ratings by 2 notches to CariBBB- (Local and Foreign Currency) on the regional scale and reaffirmed the Belize national scale rating of bzAA+ (Local Currency) to The Belize Bank Limited. Outlook revised to stable.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and /or outlook include:
- Improvement in the ratings of the Government of Belize
- Increase in profitability to the order of 10% per annum over the next 2 years
- Improvement in asset quality with a NPL ratio of 2.5% over the next 2 years
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- Lowering of the ratings of the Government of Belize
- The occurrence of any factors that may contribute to the deterioration of the CAR below the 9% minimum requirement for the Bank
- Decrease in profitability to the order of 15% per annum over the next 2 years
- Deterioration in asset quality with a NPL ratio to 7.4% or more over the next 2 years
- Cost to income ratio weakens to 75% or more
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-4356
Sharlene Gordon
Mobile: 1-1876-618-9811
NFE South Power Holdings Limited
CariCRIS reaffirms ‘high creditworthiness’ ratings for the up to US $285 million bond issue of NFE South Power Holdings Limited
JMMB Group Ltd
CariCRIS reaffirms “high” credit worthiness ratings of JMMB Group Limited
JMMB Group Ltd
RATING ACTION:
On November 7, 2023, CariCRIS reaffirmed the assigned Issuer/Corporate Credit Ratings of CariA– (Regional Local Currency) and CariBBB+ (Regional Foreign Currency) and jmAA- (Local Currency) and jmA+ (Foreign Currency) on the Jamaica national scale for JMMB Group Limited. 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:
- Improvement in the Government of Jamaica’s (GOJ) credit rating, reflecting a more favourable business environment for the Group
- Growth in PAT of 15% or more for 3 consecutive years without any adverse impacts on regulatory capital ratios
- Growth in TNW by greater than 15% for 3 consecutive years
- Regional expansion initiatives that lead to an improvement in the Group’s market position in its key business segments
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- Deterioration of the NPLs to Gross loans ratio to 8% or more
- Deterioration of the CAR of any of the Group’s subsidiaries to below the country specific regulatory requirements
- Cost to Income ratio weakens to 75% and over
- Further deterioration in PAT by 15% or more for another consecutive year
Analysts’ Contact Info
Keith Hamlet
Mobile : 1-868-487-4356
Sultan Mohammed
Mobile: 1-868-362-7304
| Disclaimer: CariCRIS has taken due care and caution in the 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. |
Proven Group Limited
CariCRIS upgrades its regional scale credit ratings for PROVEN Group Limited
Proven Group Limited
RATING ACTION:
On November 9, 2023, CariCRIS upgraded the assigned corporate credit ratings by 1-notch to CariBBB+ (Foreign and Local Currency) on the regional rating scale to PROVEN Group Limited (PROVEN 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:
- Cost to Income ratio improves to 75% and below
- Improvement in financial performance leading to operating profits and PAT over FY2020-FY2022 averages of US $6.9 million and US $20.1 million respectively
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:
- Economic environment negatively impacting revenue streams leading to losses
- Increase of PROVEN’s stand-alone debt to equity ratio to above 2 times
- A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors
- Cost to Income ratio weakens to over 75% for another year
- Another year of reduced share of profits from JMMBGL in line with FY2023
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
Jeffrey James
| 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. |