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.

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.

RATING ACTION:

 On September 20, 2024, CariCRIS upgraded the ratings assigned to Home Mortgage Bank’s Collateralized Mortgage Obligation – CMO 2020-01 by 1-notch to ttAA-(SO) (National Local Currency Ratings) on the Trinidad & Tobago national scale.  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 NPL ratio below 5% sustained over the next 12 to 15 months and/ or a return to delinquency levels of 2% – 4% within the underlying mortgage pool over the next 12-15 months.
• Satisfactory repayment of Tranche D with payment flows in line with or above CariCRIS’ expectations.

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

• Persistent 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.
• Deterioration in TTMF’s NPLs to Gross loans ratio of above 10.5% sustained for 2 financial periods.
• A deterioration in the credit risk profile of T&T leading to increased market risk
• Cashflow shortfalls from the mortgage pool that may impair payments of principals and interests.

Analysts’ Contact Info:

Keith Hamlet
Mobile : 1-868-487-4356
khamlet@caricris.com

Rudra Bhimsingh
rbhimsingh@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 reaffirms “high” creditworthiness ratings of NCB Financial Group Limited

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CariCRIS reaffirms “adequate creditworthiness” ratings of NCB Capital Markets (Barbados) Limited

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RATING ACTION:

On September 20, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to NCB Capital Markets (Barbados) Limited (NCBCM Barbados, NCBCMBL or the Company) at CariBBB+ (Foreign and Local Currency Ratings) on its regional rating scale. 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 credit risk profile of NCB Capital Markets Limited, the Parent
• Improvement in profitability over the next 12 to 15 months supported by earnings from the Eastern Caribbean region
• Successful roll-out of new services leading to further diversity in income-earning capability
• An improvement in the Tangible Net Worth (TNW) to total assets ratio to 18%

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

• Significant deterioration in the credit risk profiles of the Government of Jamaica and/or the Government of Barbados
• Deterioration in the credit risk profile of the Parent
• Deterioration in Return on Earning Assets (ROEA) to below 1% sustained for 2 financial years
• Deterioration in Return on Equity (ROE) to below 15% sustained for 2 financial years
• Deterioration in the TNW to total assets ratio to below 10%
• Deterioration in the ratio of total earning assets to interest-bearing liabilities to below 1 time

Analysts’ Contact Info:

Keith Hamlet
Mobile: 1-868-487-8356
khamlet@caricris.com

Megan Dass
Mobile: 1-868-713-6863
mdass@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 regional ratings of CariA+ (Local Currency Ratings) and CariA (Foreign Currency) and jmAAA (Local Currency) and jmAA+ (Foreign Currency) on the Jamaica national scale for NCB Financial 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 credit ratings of the Government of Jamaica (GoJ) and/or the Government of the Republic of Trinidad and Tobago (GoRTT) leading to an improved sovereign risk profile.

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

• Deterioration of any of the subsidiaries’ CAR below the country-specific regulatory requirements
• Deterioration in the credit ratings of the Government of Jamaica (GoJ) and/or the Government of the Republic of Trinidad and Tobago (GoRTT) leading to a worsened sovereign risk profile
• Deterioration in cost to income ratio of 90% or above

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.

CariCRIS reaffirms ‘adequate creditworthiness’ ratings of VM Investments Limited

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RATING ACTION:

On September 20, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to VM Investments Limited (VMIL or the Group) at CariBBB (Local Currency Rating) on the regional scale, and jmBBB+ (Foreign Currency Rating) and jmA- (Local Currency Rating) on the Jamaica national scale. 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 spread leading to a sustained increase in Profit After Tax (PAT) of 10% or more for 2 years
• An improvement in the credit rating of the Government of Jamaica (GoJ)
• An improvement in the credit risk profile of the Group’s parent, VMFG
• An improvement in the Tangible Net Worth (TNW) to total assets ratio of 10%
• An improvement in the gearing ratio to 7 times

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

• Deterioration in VM Wealth Management’s (VMWM) 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 GoJ
• Reduction in PAT of VMIL by 10% or more for 1 year
• Deterioration in Return on Assets (ROA) ratio to less than 1% or Interest Coverage Ratio to less than 1.5 times, sustained for more than 3 months

Analysts’ Contact Info:

Keith Hamlet
Mobile : 1-868-487-8356
khamelt@caricris.com

Maxwell Gooding
mgooding@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 CariBBB- (Local Currency Rating) and CariBB+ (Foreign Currency Rating) on the regional rating scale, and jmBBB+ (Local Currency Rating) and jmBBB (Foreign Currency Rating) on the Jamaica national scale for Access Financial Services Limited (AFS or the Group). 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 risk profile of the Government of Jamaica
• Improving business conditions over the next 12-15 months, thereby leading to growth in total asset base > 18% and/or sustained earnings growth > 10% over the next 2 years
• Diversity in revenue streams through the successful launch of new products or new business lines

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

• A deterioration in the credit risk profile of the Government of Jamaica
• Change in AFS’ debt/ TNW or TNW/Total Assets ratios > 1.5 times or < 25% respectively
• A sustained decrease in yield from interest earning assets > 600 basis points over the next 12-15 months, thereby leading to a compression of the net interest spread earned
• A fall in AFS’ net loans and advances by more than 20%
• A deterioration in AFS’ Gross NPLs/Gross Loans ratio to > 8%

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.