RATING ACTION:

On March 14, 2025, CariCRIS downgraded the Jamaica national scale the Issuer/ Corporate Credit Ratings assigned to The Jamaica National Group Limited (JN Group Limited or the Holding Company) by 1 notch to jmA (Foreign Currency Rating) and jmA+ (Local Currency Rating), and reaffirmed the regional scale ratings at CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating). 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 rating of the Government of Jamaica (GoJ), leading to an improved sovereign risk profile
• Improvement in the credit rating of the Government of Jamaica (GoJ), leading to an improved sovereign risk profile
• Growth in the Group’s revenue, leading to return on earning assets (ROEA) of 1.5% sustained for 2 years
• Improvement in the Group’s cost-to-income ratio to 65% or below for at least 2 consecutive years
• Improvement in the Group’s non-performing loans (NPLs) to gross loans to below 2.8%
• Improvement in the Group’s tangible net worth (TNW) to total adjusted assets to 20% or above
• Improvement in the Holding Company’s ROEA to 10% sustained for 2 consecutive years
• Improvement in the Holding Company’s cost-to-income ratio to 65% or below for at least 2 consecutive years

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

• Deterioration in the credit rating of the GoJ, leading to a worsened sovereign risk profile
• Deterioration in the credit rating of the GoJ, leading to a worsened sovereign risk profile
• Reduction in the Group’s revenue, leading to ROEA of -0.5% sustained for 2 consecutive years
• Deterioration in the Group’s cost-to-income ratio to 115% or above
• The Group’s NPL ratio remaining above 4.5% over the next year
• Deterioration in the Group’s TNW to total adjusted assets to 8% or below
• Deterioration of any of the Group’s subsidiaries’ capital adequacy ratios below regulatory requirements
• An increase in the Holding Company’s gearing ratio to above 3 times
• Deterioration in the Holding Company’s ROEA to -10% sustained for 2 consecutive years
• Deterioration in the Holding Company’s cost-to-income ratio to 100% or above for at least 2 consecutive years

Analysts’ Contact Info:

Keith Hamlet
Mobile: 1-868-487-8356
khamlet@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 March 14, 2025, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings of CariA (Foreign & Local Currency Ratings) on the regional rating scale and jmAA (Foreign & Local Currency Ratings) on the Jamaica national scale rating to Pan Jamaica Group Limited (PJGL 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 ratings of the Government of Jamaica

• An improvement in the ratings of the Government of Jamaica
• A substantial improvement in the Group’s financial performance with continued improvement in PAT margins resulting in a ROA of over 10% for 3 consecutive years

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

• Economic uncertainty leading to increased expenses and cost of raw materials thereby reducing the profitability of the operating lines and the Group’s GP Margin to below 25.9%
• Economic uncertainty leading to increased expenses and cost of raw materials thereby reducing the profitability of the operating lines and the Group’s GP Margin to below 25.9%
• A significant decline of 40% or greater in SGJL’s dividend income
• A sustained effective DSCR of less than 1.7 times over a 2-year period

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.

CariCRIS downgrades its national scale credit ratings of The Jamaica National Group Limited

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RATING ACTION:

On March 14, 2025, CariCRIS assigned Initial Issue Credit Ratings to the up to US $25 million proposed bond issue of Gulfstream Petroleum Dominicana, S. De RL (GPD or the Company or Gulfstream) at CariBBB- (Foreign Currency Rating) on the regional rating scale, and drA- (Foreign Currency Rating) on the Dominican Republic national scale. A stable outlook was also assigned.

RATING SENSITIVITY FACTORS:

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

• Gross profit (GP) margin at 10% or higher, sustained for 2 financial years
• Gross profit (GP) margin at 10% or higher, sustained for 2 financial years
• Return on assets (ROA) at 5% or higher, sustained for 2 financial years
• An improvement in the sovereign risk profile of the Government of the Dominican Republic (DR)
• Debt service coverage ratio (DSCR) above 1.5 times, sustained for more than 2 financial years
• Debt to tangible net worth (TNW) ratio below 10 times, sustained for 2 financial years

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

• Breach of any of the debt covenants• Breach of any of the debt covenants
• Failure to satisfy any of the performance requirements of contractual agreements with counterparties
• Breach of any technical or environmental regulations or quality standards stipulated by the regulator
• Debt to TNW ratio above 30 times, sustained for 2 financial periods
• Effective DSCR below 1 time, sustained for 2 financial periods
• Debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio above 12.5 times
• A decline in the sovereign risk profile of the Government of the DR
• Significant negative variances in 2024 audited financial statements compared to management accounts

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 March 14, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit rating assigned to Sagicor Life Jamaica Limited (SLJ or the Company) at jmAAA (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:

• NA

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

• Annualised return on earning assets (ROEA) below 2%, sustained for 2 consecutive financial periods
• Annualised return on earning assets (ROEA) below 2%, sustained for 2 consecutive financial periods
• Annualised return on equity (ROE) below 5%, sustained for 2 consecutive financial periods
• 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
khamelt@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 March 14, 2025, CariCRIS reaffirmed the assigned credit ratings of CariA+ (Local Currency Rating) and CariA (Foreign Currency Rating) on the regional rating scale and jmAAA on the Jamaica national scale to Sagicor Group Jamaica Limited (SGJ 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 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 of the ratings and/or outlook include:

• A deterioration in the combined ratio above 90%.
• A cost to income ratio in excess of 80%

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 “highest creditworthiness” rating of Sagicor Life Jamaica Limited

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