Government of the Republic of Trinidad & Tobago

CariCRIS reaffirms “high creditworthiness” ratings of the Government of the Republic of Trinidad and Tobago

RATING ACTION:

On March 14, 2025, CariCRIS reaffirmed the Issuer/Sovereign Credit ratings CariAA (Foreign and Local Currency Ratings) on its regional rating scale assigned to the Government of the Republic of Trinidad and Tobago (GORTT). A stable outlook was maintained. (Note: This report may reference data and information made available subsequent to the March 14, 2025 Rating Committee Meeting date, in support of the rating decision.)

RATING SENSITIVITY FACTORS:

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

A decrease in total general government debt to below 65% of GDP over the next 12 months
A sustained improvement in debt servicing capability to above 7 times over 2 consecutive years
A fiscal surplus in excess of 3% of GDP sustained over 2 consecutive years
A rise in import cover to 12 months or more over the next 24 months

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

An increase in total general government debt to above 100% of GDP over the next 12 months
A sustained deterioration in debt servicing capability to below 3 times over 2 consecutive years
A fiscal deficit in excess of 10% of GDP sustained over 2 consecutive years.
A fall in import cover to 6 months or less over the next 12 months
Annual economic contraction of greater than 2% over the next 2 years

Analysts’ Contact Info:

Stefan Fortuné

Phone: 1-868-799-6751 (m)

sfortune@caricris.com

Carla Ash

Phone: 1-868-713-6794 (m)

cash@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.

Trinidad and Tobago Unit Trust Corporation

RATING ACTION:

On March 14, 2025, CariCRIS reaffirmed the assigned ratings at CariAA (Foreign and Local Currency Ratings) on the regional rating scale and ttAA (Local Currency Rating) on the Trinidad and Tobago (T&T) national scale to Trinidad and Tobago Unit Trust Corporation (TTUTC). 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:

Improving market and economic conditions over the next 12-15 months, leading to sustained Net Investment Income growth, resulting in ROEA and ROE of 1.5% and 5% respectively.
Diversification of funds under management to include a greater share of young investors.
Successful expansion and implementation of operations into the Caribbean leading to positive impacts on revenue.
Improvement in the cost to income ratio to 55% or below sustained for 2 financial years.

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

A 15% or higher reduction in FUM sustained for 3 consecutive years.
A deterioration in the credit quality of the fixed-income portfolios below investment grade.
A reduction in total investment income to average earning assets to 1.5% sustained for 3 consecutive years.

Analysts’ Contact Info:

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

Sharlene Gordon
Mobile : 1-1876-564-5230
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.

Trinidad and Tobago Unit Trust Corporation

CariCRIS reaffirms ‘high creditworthiness’ ratings for Trinidad and Tobago Unit Trust Corporation

RATING ACTION:

On March 14, 2025, CariCRIS reaffirmed the issuer ratings of CariAA- (Foreign and Local Currency Ratings) on its regional rating scale assigned to The Government of the Virgin Islands (GoVI). A stable outlook was assigned. The fiscal sub-parameter rating was upgraded one-notch to reflect the continual improvement in fiscal performance indicators.

Download Full Rating Rationale

RATING SENSITIVITY FACTORS:

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

Real GDP growth of at least 5% sustained over the next 2 years.
An uninterrupted improvement in visitor arrivals to greater than pre-hurricane levels maintained over the next 2 years.
A consistent improvement in company incorporations and registrations to pre-pandemic levels maintained over the next 2 years.

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

An increase in the total public sector debt to above 40% of GDP.
A change in the island’s status as a British overseas territory or a material change in the level of support rendered to The VI from the UK.

Analysts’ Contact Info:

Stefan Fortuné
Phone: 1-868-799-6751(m)
sfortune@caricris.com

Carla Ash
Phone: 1-868-713-6794 (m)
cash@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.

Sterling (Saint Lucia) Holdings Limited

RATING ACTION:

On March 14, 2025, CariCRIS assigned initial issuer/corporate credit ratings of CariBBB+ (Foreign and Local Currency Ratings) on the regional rating scale for Sterling (Saint Lucia) Holdings Limited (SHL or the Group). A stable outlook was assigned.

Read Full Rationale Here

RATING SENSITIVITY FACTORS:

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

Top 10 investment exposure reducing to less than 30% over the next two years
A net spread above 2.6% sustained for 3 financial periods
Leverage ratio below 3 times for 2 consecutive years•
Total earning assets/total interest-bearing liabilities above 1.5 times sustained for 2 consecutive financial periods
TNW/Total Assets increases above 20% sustained for 2-years•
An improvement in the liquidity gap ratio below 35% for 2 consecutive years

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

Increase in non-investment grade fixed income assets above internal limit of 30%
Inability of SAM to meet capital adequacy regulatory requirements in the Jamaica financial services industry
Decrease in asset yield and/or increase in funding costs leading to a compression in the net interest spread below 1% sustained for 2 consecutive years
A deterioration in the cost to income ratio above 40% for 2 consecutive period.
TNW/Total Assets below 10% for 2 consecutive years
A deterioration in the liquidity gap ratio above 50% sustained for 2 years.

Analysts’ Contact Info:

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

Sterling (Saint Lucia) Holdings Limited

CariCRIS assigns Corporate Credit ratings to Sterling (Saint Lucia) Holdings Limited

Government of the Virgin Islands

CariCRIS reaffirms ‘high creditworthiness’ issuer credit ratings to the Government of the Virgin Islands; fiscal performance sub-parameter upgraded one-notch

RATING ACTION:

On March 12, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit ratings CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating) on its regional rating scale and jmA+ (Foreign Currency Rating) and jmAA- (Local Currency Rating) on its Jamaica national scale to The Jamaica National Group Limited (or the Holding Company). The outlook was revised to negative from stable.

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 PAT for 2 years
• Improvement in the credit rating of the Government of Jamaica, leading to an improved sovereign risk profile
• Improvement in the Group’s cost-to-income ratio to 65% or below for at least 2 consecutive years
• Improvement in the Group’s NPLs to gross loans to below 2.8%
• Improvement in the Group’s TNW to total adjusted assets to 20% or above

Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
• A greater than 10% decline in the Group’s total income for 2 consecutive years
• Deterioration in the credit rating of the Government of Jamaica, leading to a worsened sovereign risk profile
• 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
• Deterioration in the Group’s cost-to-income ratio to 100% or above
• An increase in the Company’s gearing ratio to above 3 times
• The Group’s NPL ratio remaining above 4.5% over the next year

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.

JMMB International Limited (JMMBIL)

RATING ACTION:

On March 12, 2024, CariCRIS reaffirmed the assigned rating of jmA (Foreign Currency Rating) on the Jamaica national scale to the US $160 million bond issue of JMMB International 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:

An improvement in the GOJ’s credit rating over the next 12-15 months
An improvement in the credit rating of JMMBIL’s parent JMMB Group Limited
Growth in PAT of 15% or more for 3 consecutive years
Growth in TNW by greater than 15% for 3 consecutive years

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

A deterioration in the GOJ’s credit rating over the next 12-15 months
A lowering of the ratings of JMMBIL’s parent, JMMB Group Limited
Breach of any of the bond covenants including a deterioration below the capital regulatory requirements of any of the operating subsidiaries in their respective jurisdictions
Failure of JMMBGL to fulfil its role as guarantor if called upon to do so
Decline in PAT of 15% or more for 3 consecutive years
Decline in TNW by greater than 15% for 3 consecutive years

Analysts’ Contact Info:

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

Sharlene Gordon
Phone : 1-876-618-9811
sgordon@caricris.com