CariCRIS reaffirms ‘good’ creditworthiness ratings to Supreme Ventures Limited

Read More

CariCRIS reaffirms ‘good creditworthiness’ ratings of NCB Merchant Bank (Trinidad and Tobago) Limited

Read More

RATING ACTION:

On September 20, 2024, CariCRIS reaffirmed the assigned Issuer/Corporate Credit Ratings of CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) on the regional rating scale and 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 12%
• A breach in the financial covenants

Analysts’ Contact Info:

Anelia Oudit
Mobile : 1-868-487-8364
aoudit@caricris.com

Kyla Balwant
kbalwant@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 upgrades its credit ratings for the TT $300 million Collateralised Mortgage Obligation of Home Mortgage Bank (HMB CMO 2020-01)

Read More

CariCRIS assigns Corporate Credit Ratings to Trinidad and Tobago Mortgage Bank Limited

Read More

CariCRIS reaffirms its corporate credit ratings for Home Mortgage Bank

Read More

CariCRIS reaffirms ‘high creditworthiness’ ratings for Guardian Holdings Limited (GHL)

Read More

RATING ACTION:

 On September 20, 2024, CariCRIS reaffirmed the assigned ratings of CariAA- (Foreign and Local Currency Ratings) on the regional rating scale and jmAAA (Local Currency Rating) on the Jamaican national scale for Guardian Holdings Limited (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:

• Expansion of the Group’s product and service offerings and/or improvements in operating efficiencies leading to a sustained increase in PAT of 20% or more for more than 2 years.
• An improvement in the credit rating of the Government of The Republic of Trinidad and Tobago.

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

• A fall in GHL’s dividend receipts from the Group’s subsidiaries leading to a fall in the cash flow adequacy ratio below 1 time sustained for 3 financial periods.
• A lowering of the ratings of any of the Group’s top 5 reinsurers.
• Loss of relationship with any of the Group’s major reinsurers and failure to provide viable replacements.
• A lowering of the credit rating of the Government of The Republic of Trinidad and Tobago.
• Breach of covenants stipulated in the final term sheet/prospectus for the bond offering.
• Re-emergence of regulatory constraints on dividends payable by GHL’s major operating subsidiaries.

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

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.

RATING ACTION:

On September 20, 2024, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings of CariA- (Foreign and Local Currency Ratings) on the regional rating scale, and ttA- (Foreign and Local Currency Ratings) on the Trinidad and Tobago national scale to Home Mortgage Bank (HMB). 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 credit rating of the sovereign over the next 12-15 months
• Improvement in HMB’s interest spread to > 3%, sustained over a 3-year period
• NPLs/Gross loans improve to 5% or below sustained over the next 12-15 months

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

• A deterioration in the credit rating of the sovereign over the next 12-15 months
• A sustained increase in the cost of funds by 100 bps or greater over the next 12-15 months
• NPLs >9% over the next 12-15 months
• A deterioration of the total earning assets/ total interest-bearing liabilities ratio to < 1 time

Analysts’ Contact Info:

Anelia Oudit
Mobile : 1-868-487-8364
aoudit@caricris.com

Kyla Balwant
kbalwant@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.

On September 20, 2024, CariCRIS assigned Issuer/Corporate Credit ratings of CariAA- (Foreign and Local Currency Ratings) on the regional scale and ttAA- (Local Currency Ratings) on the Trinidad and Tobago national scale to the Trinidad and Tobago Mortgage Bank Limited (TTMB 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 sovereign over the next 12-15 months
• A 50% or greater decrease in funding costs over the next 12 months, resulting in a material expansion in the net interest spread by over 300 basis points.
• Improvement in net interest spread to > 4.8%, sustained over a 3-year period

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

• A deterioration in the credit rating of the sovereign over the next 12-15 months
• A rise in the cost to income ratio to 59% or greater
• A sustained increase in funding costs by 100 basis points or greater over the next 12 months, resulting in a material contraction in net interest spreads by over 200 basis points
• A material reduction (50% or greater) in or complete withdrawal of subsidized funding from Government of the Republic of Trinidad and Tobago (GORTT).
• NPL/Gross Loans greater than 8% for 2 consecutive years

Analysts’ Contact Info:

Anelia Oudit
Mobile : 1-868-487-8364
aoudit@caricris.com

Jeffrey James
Mobile : 1-868-713-5987
jjames@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.