This report used data and information that was available up to September 30, 2024. Subsequent to the report’s finalization, additional and/or updated data and information may have become available. Where possible and/or of a material nature, data and information publicly accessible prior to the publication of this report but subsequent to September 30, 2024 was included.

CariCRIS makes no claim to the completeness of the data and information used in this report. CariCRIS, its employees and any other external consultants involved in the creation of this report, are not liable for any loss incurred from its usage.

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RATING ACTION:

On September 20, 2024, CariCRIS reaffirmed the Issuer/Sovereign Credit ratings of CariBBB- (Foreign and Local Currency Ratings) on its regional rating scale assigned to the The Government of Saint Lucia (GOSL). A stable outlook was maintained.

RATING SENSITIVITY FACTORS:

Factors that could lead to an improvement in the Ratings and/ or Outlook include:

• Substantial changes in the debt levels leading to a debt to GDP ratio below 65%
• Achievement of a balanced budget over the medium term
• Sustained real GDP growth of the order of 3% per annum or more (above pre-COVID-19 level)

Factors that could lead to a lowering of the Ratings and/ or Outlook include:

• Significant changes in the fiscal position leading to a fiscal deficit larger than 15% of GDP
• Substantial changes in the debt levels leading to sustained debt to GDP in excess of 90% alongside a decline in debt servicing to below 2 times

Analysts’ Contact Info:

Dr. Stefan Fortuné
Phone: 1-868-799-6751
sfortune@caricris.com

Melissa McKain
Phone: 1-868-627-8879
mmckain@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 for The Government of Saint Lucia

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RATING ACTION:

On September 20, 2024, 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:

• 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:

• NPL ratio sustained above 8% for another year
• Deterioration of the CAR of any of the Group’s subsidiaries to below the country specific regulatory requirements
• Cost to Income ratio weakens to 90% and over
• Further deterioration in PAT by 15% or more for another consecutive year

Analysts’ Contact Info:

CariCRIS reaffirms “high” credit worthiness ratings of JMMB Group Limited

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