RATING ACTION:

On December 6, 2023, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (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 Ratings and/or Outlook include:

• Net premium/ Policy Liabilities > 0.9 times sustained for 2 consecutive financial periods
• Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 consecutive financial periods
• Premium to Surplus Ratio > 1.6 times sustained for 2 consecutive financial periods
• Sustained growth in Profit After Tax (PAT) by > 15% over the next 2 years without adversely impacting capital adequacy and asset quality

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

• A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or Standard and Poor’s Ratings Services
• Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
• A deterioration in the Company’s Minimum Capital Test Ratio below regulatory minimum sustained for 6 months
• A 10% fall in gross premium income sustained for 2 consecutive financial periods
• A loss ratio in excess of 70% sustained for 2 consecutive financial periods

Analysts’ Contact Info:

RATING ACTION:

On December 6, 2023, CariCRIS reaffirmed the credit ratings assigned to the up to US $285 million bond issue of New Fortress Energy South Power Holdings Limited (NFE SPH or the Company) at CariA- (Foreign and Local Currency Ratings) on its regional rating scale and jmAA- (Foreign and Local Currency Ratings) on its Jamaica national scale. A stable outlook was maintained.

RATING SENSITIVITY FACTORS:

Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:

• Successful operations of the CHP plant over the next two to three years, in accordance with design specifications and on-time compliance with the PPA and SSA deliverables over the period
• An improvement in the creditworthiness of the guarantor (NFE), sustained over 2 consecutive years
• 2 consecutive years of reported profit after tax of the Company, leading to an improvement in its financial position and TNW

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

• Deterioration in the creditworthiness of the guarantor (NFE), thereby reducing its ability to honour its guaranteed commitment to NFE SPH in a timely manner, if so required
• Breach of contract by the O&M counterparty, Caribbean Blue Skies Energy, which may have a negative impact on operations
• Any material litigation which may affect NFE or NFE SPH
• Breach of any of the bond covenants
• A material reduction in the CHP plant’s availability which would impair its ability to deliver output stipulated in the PPA and SSA
• Failure by NFE or NFE SPH to capitalise the principal reserve account, at the appropriate time
• The inability of NFE SPH to refinance the bullet payment if necessary

Analysts’ Contact Info:

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 overall rating for the TT $200 million Collateralised Mortgage Obligation of Home Mortgage Bank (HMB CMO 2019-01)

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CariCRIS reaffirms its regional scale credit ratings for Jamaica Public Service Company Limited (JPS)

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CariCRIS reaffirms “good creditworthiness” ratings of General Accident Insurance Company Jamaica Limited

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RATING ACTION:

On December 5, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale. A stable outlook was maintained.

RATING SENSITIVITY FACTORS:

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

•  Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 consecutive financial periods
•  Sustained growth in Profit After Tax (PAT) by > 15% over the next 2 years without adversely impacting capital adequacy and asset quality

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

•  A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or Standard and Poor’s Ratings Services
•  Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
•  A deterioration in the Company’s Minimum Capital Test Ratio below regulatory minimum sustained for 6 months
•  A 5% fall in insurance revenue
•  A 15% rise in insurance service expenses sustained for 2 consecutive financial period

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 December 5, 2024, CariCRIS reaffirmed the assigned corporate credit rating of CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale, and jmAA+ on the Jamaica national scale to Jamaica Public Service Company Limited (JPS 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 Government of Jamaica over the next 12 – 15 months
• Continued improvement in the economic conditions in Jamaica over the next year, thereby leading to increased demand for energy
• Improved operating efficiency, with availability, heat rate, system losses and SAIDI metrics consistently meeting targets over the next 2 years.

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

• A deterioration in the credit rating of the Government of Jamaica over the next 12 – 15 months
• Failure to satisfy any existing debt covenants
• At least 2 consecutive years of declining operating profit by 16% or more.

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.

RATING ACTION:

On December 5, 2024, CariCRIS upgraded the overall issue rating to ttAA- (SO) on the Trinidad and Tobago (T&T) national scale to the TT $200 million Collateralised Mortgage Obligation (CMO) of Home Mortgage Bank (HMB) (CMO 2019-01). 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 loan portfolio quality, with an NPL ratio of lower than 3% sustained for 2 years
• A return to delinquency levels of 2% – 4% within the underlying mortgage pool over the next 12-15 months.

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

• Persistent and further deterioration in the mortgage pool quality with delinquency levels of above 22% 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.
• Consistent cash flow shortfalls in the underlying mortgage pool over the next 12-15 months that may impair payments of principals and interests.
• A deterioration in the credit risk profile of T&T leading to increased market risk.

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 reaffirms its overall ratings for the TT $400 million bond issue of Endeavour Holdings Limited

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RATING ACTION:

On December 5, 2024, CariCRIS reaffirmed the assigned issue ratings of CariA (Local and Foreign Currency Ratings) on the regional scale and ttA (Local Currency Rating) on the Trinidad and Tobago national scale to the TT $400 million bond issue of Endeavour Holdings Limited (EHL 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 ratings of the Government of Trinidad and Tobago
•  PAT, excluding FV and revaluation gains/losses increases by 8% or more for at least 2 consecutive years
• Occupancy levels rising to above 95%
• Acquisition of additional properties, further diversifying EHL’s asset base

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

•  An increase in rental expenses to 40% or more of rental income leading to a material decline in operating profits
• Occupancy levels declining to below 80%
• Breach of any of the bond’s financial covenants for 2 consecutive years
•  A fall in the effective DSCR to below 1.5 times for 2 consecutive years

Analysts’ Contact Info:

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

Brandon Singh
bsingh@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.