RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Wigton Energy Limited at CariBBB+ (Local Currency Rating) on the regional scale and jmA (Local Currency Rating) on the Jamaica national scale. A stable outlook was assigned.

Download Full Rating Rationale 

 RATING SENSITIVITY FACTORS:

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

• Successfully diversifying into other renewable sources of energy, geographical markets or unrelated streams of income, thereby boosting revenue stability and/or expansion.
• Improved operating efficiency, with capacity and availability metrics consistently meeting targets.
• Continued improvement in the economic conditions in Jamaica over the next year, thereby leading to increased demand for energy resulting in a more than 7% increase in operating profit sustained for 2 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.
• Failure to satisfy any of the performance requirements of the Power Purchase Agreements.
• A more than 15% decline in total operating revenues due to weather related disruptions resulting in the profit margin falling below 10.5%.
• A more than 35% increase in total operating expenses leading to PAT falling by more than 73%
• Inability to refinance or fully repay the bullet payment at maturity

Analysts’ Contact Info:

Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com

Kyla Balwant
Tel: 1-868-682-9919
E-mail: kbalwant@caricris.com

info@caricris.com
www.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 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Supreme Ventures Limited at CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) on the regional scale and jmAA- (Local Currency Rating) and jmA+ (Foreign Currency Rating) on the Jamaica national scale. A stable outlook was assigned.

Download Full Rating Rationale 

RATING SENSITIVITY FACTORS:

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

• Improvement in the Government of Jamaica’s credit rating, leading to an improved overall credit risk profile
• An increase in earnings from its Guyana operations to more than 15% of SVL’s annual profits
• Revenue increases by more than 12%, leading to a PAT Margin of 3% or higher over the next 12-18 months
• Cost to income ratio below 85% for 2 consecutive years

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

• A deterioration in the Government of Jamaica’s credit rating over the next 12-15 months
• A deterioration of SVL’s revenue by more than 12%, leading to a PAT Margin of below 1% over the next 12-18 months
• A weakening in the GP Margin below 19% sustained for 2 years
• A breach in the financial covenants

Analysts’ Contact Info:

Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com

Kyla Balwant
Tel: 1-868-682-9919
E-mail: kbalwant@caricris.com

info@caricris.com
www.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.

The Strategic Intersection of Credit and Risk

Credit rating agencies play a critical role in financial markets by independently assessing the creditworthiness of a company and its capacity to meet its debt obligations. While this evaluation supports investors’ understanding of risk, it also serves as a means to strengthen a company’s Enterprise Risk Management (ERM) framework. The infographic below outlines the typical stages of ERM maturity, providing a visual guide to how organisations progress as their risk management practices become more structured and embedded.

Beyond the Score: The Rating as a Diagnostic Tool

A key component of a rating is an assessment of the company’s ERM policies, governance structures, and risk culture. An independent review may expose gaps or inefficiencies which the company may not have previously highlighted. As a result, the rating acts as a driver of ERM maturity by prompting management to enhance areas such as governance oversight, policy enforcement, internal controls, and risk reporting.

Companies that seek stronger ratings tend to adopt more robust risk-identification practices, improve operational resilience, and better integrate risk considerations into strategic decisions such as market expansion, new product development, or major capital investments.

The Value of Continuous Improvement

The ongoing nature of an annual review of the rating further enhances ERM maturity. Because a company would like a rating to be reaffirmed or upgraded, it is encouraged to continuously strengthen frameworks, update policies periodically, and ensure timely and transparent reporting to Boards and stakeholders.

Positioning for Long-Term Performance

Before seeking a credit rating, it is therefore important for a company to ensure that their ERM framework is well-documented, embedded in daily operations, and aligned with its overall risk appetite. A mature ERM framework enhances resilience, operational effectiveness and sends a strong signal to investors and stakeholders that the organisation is well-positioned to manage risks and sustain long-term performance.

Published December 17, 2025 | CariCRIS LinkedIn

RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to The Belize Bank Limited (BBL or the Bank) at CariBBB- (Foreign and Local Currency Ratings) on the regional rating scale, and bzAA+ (Local Currency Rating) on the Belize national scale. A stable outlook was maintained.

Download Full Rating Rationale 

 RATING SENSITIVITY FACTORS:

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

• Improvement in the credit risk profile of the Government of Belize
• Increase in profitability, leading to ROEA and ROE of 5% and 30% or more for 2 financial years
• Improvement in asset quality with a NPL ratio of 3% or lower, sustained for 2 consecutive years

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

• A weakening of Government of Belize’s credit risk profile
• The occurrence of any factors that may contribute to the deterioration of the CAR below the 9% minimum requirement for the Bank
• Decrease in profitability, leading to ROEA and ROE of 2% and 15% or lower for 2 consecutive years.
• Deterioration in asset quality with a NPL ratio to 5% or above, sustained for 2 financial years
• Cost to Income ratio weakens to 50% and over sustained for 2 financial years.

Analysts’ Contact Info:

Keith Hamlet
Tel: 1-868-487-4356
E-mail: khmalet@caricris.com

Sharlene Gordon
Tel: 1-876-564-5230
E-mail: sgordon@caricris.com

info@caricris.com
www.caricris.com

RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Jamaica Public Service Company Limited (JPS) at CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale, and jmAA+ (Local Currency Rating) on the Jamaica national scale. A stable outlook was assigned.

Download Full Rating Rationale 

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 of 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
• Adverse regulatory developments, including unfavourable outcomes of the tariff review or license renewal process, or increased competition following the expected loss of generation exclusivity in 2027
• Higher-than-expected financial impact from Hurricane Melissa, including restoration costs that exceed available self-insurance resources, leading to a more than 40% drop in operating profit over the next 12 months.

Analysts’ Contact Info:

Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com

Keevan Roopan
E-mail: kroopan@caricris.com

info@caricris.com
www.caricris.com

RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Proven Group Limited (PROVEN) at CariBBB+ (Local and Foreign Currency Ratings) on the regional scale and jmA (Local and Foreign Currency Rating) on the Jamaica national scale. A stable outlook was assigned.

Download Full Rating Rationale 

RATING SENSITIVITY FACTORS:

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

• Cost to Income ratio improves to 75% and below.
• Improvement in financial performance leading to operating profits and PAT over FY2020-FY2022 averages of US $6.9 million and US $9.3 million respectively.
• Diversify earnings composition to limit profits from associated companies to 40% and below.

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

• Economic environment negatively impacting revenue streams leading to losses.
• A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors.
• Gross profit from RMCL falls by over 30%.
• Cost to Income ratio weakens to 75% and over for another year.
• Another year of reduced share of profits from JMMBGL, in line with FY2023.

Analysts’ Contact Info:

Analysts’ Contact Info:
Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com

Veeresh Ramsaroop
E-mail: vramsaroop@caricris.com

info@caricris.com
www.caricris.com

Disclaimer: CariCRIS has taken due care and caution in the 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.