CariCRIS reaffirms ‘good creditworthiness’ ratings of Bourse Securities Limited

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RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Bourse Securities Limited (BSL or the Company) at CariA (Foreign and Local Currency Ratings) on the regional scale and ttA (Local Currency Rating) on the Trinidad and Tobago 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:

• An increase in ROEA to at least 2.5% sustained for 3 financial years
• An increase in net interest spread to at least 2% sustained for 3 financial years
• An increase in Tangible Net Worth (TNW) to Total Assets to at least 28% sustained for 3 financial years
• Further reduction in its funding concentration risk such that less than 40% of BSL’s funding is derived from its top 10 clients sustained for 2 financial years

A fiscal surplus of more than 5% of GDP recorded for 2 consecutive fiscal periodsFactors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:

• A deterioration in the credit rating of the sovereign over the next 12 to 15 months
• A decline in ROEA to 2.5% sustained for 2 financial years
• Untimely responses to regulatory/legislative changes
• Funding withdrawals from its top 3 institutional investors without adequate replacements

CariCRIS reaffirms its credit ratings for the Government of the Commonwealth of Dominica; Outlook Stable

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RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the ratings for a notional US $25 million debt issue of the Government of the Commonwealth of Dominica (GOCD) of CariBB (Foreign and Local Currency Rating) on the regional scale. A stable outlook was assigned.

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RATING SENSITIVITY FACTORS:

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

• Growth in real economic activity of 6% or more, sustained for at least 2 years;
• A fiscal surplus of more than 5% of GDP recorded for 2 consecutive fiscal periods.

A fiscal surplus of more than 5% of GDP recorded for 2 consecutive fiscal periodsFactors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:

• Debt/GDP ratio exceeding 100% for 2 consecutive years;
• Economic and social disruption caused by natural disasters;
• Material reduction in grants and multilateral funding.

CariCRIS reaffirmed its ratings for Dominica Agricultural, Industrial and Development Bank

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RATING ACTION:

On March 14, 2025, CariCRIS reaffirmed the ratings currently assigned to the Dominica Agricultural, Industrial and Development Bank (DAID or the Bank) at CariB (Foreign and Local Currency Ratings) on the regional rating scale. A stable outlook was assigned.

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RATING SENSITIVITY FACTORS:

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

• An upgrade to the sovereign credit rating of the GOCD
• Improvement in the NPL ratio to less than 16%
• Improvement in the cost to income ratio to 95% or lower, sustained for 2 financial periods
• Adherence to the EIB’s revised financial covenants
• Sustained profitable operations, leading to ROEA and ROE of 0.1% and 0.8% or above, for 2 financial periods
• Progress in the implementation of the Bank’s ERM framework

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

• A change in the sovereign credit rating of the GOCD
• Sustained NPL ratio of 45% or more over for the next 12 – 15 months
• Further delay in the full implementation of the Bank’s Enterprise Risk Management Framework
• Any loss of major funding lines without identification of a suitable alternative
• A decline in the liquidity ratio to 1 time or less over the next 12 months
• A fall in the Bank’s capital adequacy ratio to less than 25% over the next 12 – 15 months

RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to The Beacon Insurance Company Limited (BICL or Beacon or the Company) at CariA- (Foreign and Local Currency Ratings) on the regional rating scale and ttA- (Local Currency Rating) on the Trinidad and Tobago national scale. CariCRIS also reaffirmed the Financial Strength Rating assigned to Beacon at CariA-. 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:

• An improvement in the market share of general insurance products in Beacon’s largest market to 10% or more
• An improvement in the overall credit profile for Beacon’s fixed income portfolio where more than 65% of the portfolio is rated investment grade on the Standard and Poor’s (S&P) rating scale, sustained for 1 financial year
• Increased profitability leading to an improvement in Return on Earning Assets (ROEA) and Return on Equity (ROE) to above 2.5% and 10% respectively, sustained for 2 financial years

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 Beacon’s top reinsurer
• Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
• Lowered profitability leading to a deterioration in ROEA and ROE to below 0.5% and 3.5% respectively, sustained for 2 financial years

Megan Dass
Mobile : 1-868-713-6863
mdass@caricris.com