RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the assigned Issuer/Corporate Credit Ratings of CariBBB- (Foreign and Local Currency Ratings) on the regional rating scale, and jmBBB+ (Foreign and Local Currency Ratings) on the Jamaica national scale to Sygnus Credit Investments Limited (SCI or the Company). A positive outlook was assigned.

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RATING SENSITIVITY FACTORS:

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

• Improving business conditions over the next 12-15 months, thereby leading to an increased client base and sustained earnings growth as evidenced by growth in operating profit margin to 60% or more
• SCI’s ability to attract and retain lower-cost funding to below 6% and/or improvement in the net interest rate spread to over 2% over the next 12-15 months
• ROEA increases to 4.5% over the next 12 to 15 months

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

• Deterioration of asset quality as measured by the non-performing investment ratio to 8% or more, sustained for 2 consecutive years
• Increase of SCI’s debt to TNW and/or total debt to total assets ratio to over 1.2 times or above 50% respectively, for 2 consecutive financial years
• A sustained decrease in the net interest spread earned on investments to less than 1% for 2 consecutive financial years

Analysts’ Contact Info:

CariCRIS reaffirms “adequate creditworthiness” ratings of Sygnus Credit Investments Limited

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CariCRIS reaffirms “good creditworthiness” ratings of Premier Insurance Company Inc.

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RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Premier Insurance Company Inc. (Premier or the Company) at CariA- (Local Currency Rating) on the regional rating scale, and gyA+ (Foreign Currency Rating) and gyAA- (Local Currency Rating) on the Guyana national scale. A stable outlook was maintained.

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RATING SENSITIVITY FACTORS:

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

• Sustained return on equity (ROE) of >12% over the next 2 years without adversely impacting regulatory capital and asset quality
• An increase in the concentration of good quality, liquid fixed-income instruments leading to improved asset risk
• An improvement in the credit rating of TRINRE Insurance Company Limited (TRINRE or the Parent)

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

• A decline in ROE to < 4% for 1 year
• A 2-notch deterioration of the credit rating of any of Premier’s reinsurers by A.M. Best, Fitch Rating or Standard and Poor’s Ratings Services
• Loss of relationship with any of the Company’s reinsurers without viable replacements
• A deterioration in the Company’s Minimum Capital and Solvency requirements below the quantities stipulated by the Bank of Guyana (BoG) sustained for more than 6 months
• A material deterioration in the Company’s investment asset quality sustained for a period of 6 months
• A lowering of the credit rating of TRINRE

RATING ACTION:

On August 30, 2022, CariCRIS has upgraded the assigned Issuer/Corporate Credit Ratings by 1-notch to CariBBB- (Foreign and Local Currency Ratings) on the regional rating scale, and jmBBB+ (Foreign and Local Currency Ratings) on the Jamaican national scale to Sygnus Credit Investments Limited (SCI or the Company). A stable outlook was also maintained.

RATING SENSITIVITY FACTORS:

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

• An improvement in the GOJ’s credit rating over the next 12-15 months
• Improving business conditions over the next 12-15 months, thereby leading to growth in client base and sustained earnings growth
• Further diversity in asset class through the successful launch of new products
• SCI’s ability to attract and retain lower cost funding

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

• Deterioration of asset quality ratio to 8% or more
• Increase of SCI’s debt to TNW and/or total debt to total assets ratio to over 1.25 times or above 50% respectively
• Cost to Income ratio weakens to 75% and over
• A sustained decrease in yield from average interest earning assets by over 150 basis points or greater and/or a rise in funding costs to over 8%, thereby leading to a tightening of the net interest spread earned on investments
• A deterioration in the GOJ’s credit rating over the next 12-15 months

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com

Brandon Singh

bsingh@caricris.com

www.caricris.com 

info@caricris.com  

CariCRIS reaffirms “good creditworthiness” ratings of Point Lisas Industrial Port Development Corporation Limited

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RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the assigned issuer/corporate credit ratings of CariA+ (Foreign and Local Currency Ratings) on the regional rating scale, and ttA+ (Foreign and Local Currency Ratings) on the Trinidad and Tobago (T&T) national scale to Point Lisas Industrial Port Development Corporation Limited (PLIPDECO 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:

• A greater than 8% y-o-y improvement in revenue for 2 consecutive years
• An improvement in profits by 40% for 2 consecutive years excluding the effects of revaluation gains and one-off incurrences

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

• A material decline in revenue leading to a PAT margin of < 3% for 2 consecutive years
• DSCR falls to 1.1 times or below for 2 consecutive years
• Any material Company event that can result in default/breaches of loan covenants

RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Eastern Caribbean Home Mortgage Bank (ECHMB or the Company) at CariA- (Foreign and Local Currency Ratings) on the regional 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:

• An increase in net interest spread to at least 2% sustained for 3 financial years
• Further diversity in income streams through the successful launch of new products, investments, and services
• An increase in return on earning assets (ROEA) to at least 2%, sustained for 3 financial years
• An increase in Tangible Net Worth (TNW) to Total Assets to at least 25%, sustained for 3 financial years
• Further diversity in funding to include sources from outside of the Organization of Eastern Caribbean States (OECS)

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

• A tightening of net interest spread to below 1%
• A decline in ROEA to less than 1% sustained for 3 financial years
• TNW to Total Assets below 12%