CariCRIS upgrades its credit ratings for The Port Authority of Jamaica
Month: March 2024
Port Authority of Jamaica
Port Authority of Jamaica
RATING ACTION:
On March 12, 2024, CariCRIS upgraded the assigned Issuer/Corporate credit rating by 1-notch to CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional rating scale and jmAA+ (Local Currency Rating) on the Jamaica national scale to The Port Authority of Jamaica (PAJ or the Authority). 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.
- A significant increase in total operating revenue or profit leading to the DSCR remaining above 2.5 times over the next 2 years.
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 20% decline in operating revenue over the next 12-15 months that results is a reduction of the DSCR to 1.4 times or below.
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
Jeffrey James
Mobile : 1-868-713-5987
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.
The National Gas Company of Trinidad and Tobago Limited
CariCRIS reaffirms its ratings for The National Gas Company of Trinidad and Tobago Limited
The National Gas Company of Trinidad and Tobago Limited
RATING ACTION:
On March 12, 2024, CariCRIS reaffirmed the ratings currently assigned to the US $400 million debt issue of CariAA (Foreign and Local Currency Ratings) on the regional rating scale, and ttAA (Foreign and Local Currency Rating) on the Trinidad and Tobago national scale to The National Gas Company of Trinidad and Tobago Limited (or the Company). 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 CariCRIS credit rating of the GoRTT
- An increase in the DSCR to >5 times sustained for 2 years leading to an improvement in the ability to service its amortised debt payments
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:
- A fall in gross margins to below 15% for 2 consecutive years
- A fall in the DSCR to <1 time for 2 consecutive years leading to a deterioration in the ability to service its amortised debt payments
- A significant decline in international prices of ammonia/ methanol, leading to a material decline in revenue to > 20%
- Inability to monetize receivables from T&TEC which could constrain NGC’s cash flows
- Deterioration in the CariCRIS credit rating of the GoRTT
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-8356
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.
Government of British Virgin Islands
CariCRIS reaffirms ‘high creditworthiness’ issuer credit ratings to the Government of the Virgin Islands
Government of British Virgin Islands
RATING ACTION:
On March 12, 2024, CariCRIS reaffirmed the issuer ratings of CariAA- (Foreign and Local Currency Ratings) on its regional rating scale assigned to The Government of the Virgin Islands (GoVI). A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could lead to an improvement in the ratings and/or Outlook include:
- Real GDP growth of at least 5% sustained over the next 2 years.
- An uninterrupted improvement in visitor arrivals to greater than pre-hurricane levels maintained over the next 2 years.
- A consistent improvement in company incorporations and registrations to pre-pandemic levels maintained over the next 2 years.
Factors that could lead to a lowering in the ratings and/or Outlook include:
- An increase in the total public sector debt to above 40% of GDP.
- Failure to implement recommendations of the COI by May 2024 or failure to achieve an extended deadline.
- A change in the island’s status as a British overseas territory or a material change in the level of support rendered to The VI from the UK.
Analysts’ Contact Info:
Stefan Fortuné
Phone: 1-868-799-6751 (m)
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.
Sagicor Life Jamaica Limited
CariCRIS reaffirms ‘highest creditworthiness’ rating of Sagicor Life Jamaica Limited
Sagicor Group Jamaica Limited
CariCRIS upgrades its regional scale credit ratings for Sagicor Group Jamaica Limited
Sagicor Life Jamaica Limited
RATING ACTION:
On March 12, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit rating assigned to Sagicor Life Jamaica Limited (SLJ or the Company) at jmAAA (Local Currency Rating) on its Jamaica national rating scale. A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the rating and/or outlook include:
- NA
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook include:
- A greater than 10% fall in amortised contractual service margin (CSM) and risk adjustment (RA), sustained for 2 consecutive financial periods
- A greater than 25% increase in net loss on onerous contracts
- A fall in Tangible Net Worth (TNW)/Total Assets to below 20%
- A fall in Total Investment Assets/Policy Liabilities to less than 0.5 times
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.
Sagicor Group Jamaica Limited
RATING ACTION:
On March 12, 2024, CariCRIS upgraded the assigned 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 rating of jmAAA to Sagicor Group Jamaica Limited (SGJ 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 increase in CariCRIS’ internal ratings assigned to the sovereign, driven by continued favourable improvements in the macroeconomic environment of Jamaica resulting in a lowering of the debt/GDP ratio of the sovereign.
Factors that could, individually or collectively, lead to a lowering in the ratings and/or Outlook include:
- A greater than 15% increase in insurance service expenses leading to lower financial performance of SLJ.
- A 21% rise in operating expenses.
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-8356
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.