This sovereign report is a publication under CariCRIS’ Caribbean Economic Reporting (CER) series. In this current report, we highlight the sovereign of the Dominican Republic. Five sovereign analysis areas are presented ((i) income & economic structure, (ii) fiscal & debt, (iii) monetary & financial sector soundness, (iv) balance of payments and external sector competitiveness, and (v) political environment).

The report is built upon publicly available information that CariCRIS believes to be accurate or estimate/projections from sources that CariCRIS believes to be reliable. CariCRIS currently does not have a formal credit rating relationship with the Government of the Dominican Republic.

This report will be updated on an at least annual basis.

[Download Sovereign Report]

RATING ACTION:

On March 27, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Island Car Rentals Limited (ICR or the Company) at CariBBB- (Foreign & Local Currency Ratings) on the regional scale and jmBBB+ (Foreign & Local Currency Ratings) on the Jamaica national scale. A stable outlook was assigned.

Download Full Rationale

RATING SENSITIVITY FACTORS:

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

• An improvement to the ratings of the Government of Jamaica
• Operating profit margin increases to 45% or above, sustained over 2 consecutive years.
• Further improvements to the Company’s corporate governance structure alongside the full implementation of the Enterprise Risk Management (ERM) Framework.
• A substantial reduction in debt leading to a debt to TNW ratio of below 1.0 time.

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

• A deterioration to the ratings of the Government of Jamaica
• Operating profit margin declines to 30% or below, sustained over 2 consecutive years.
• An increase in cost to income ratio above 75%
• Non-receipt of audited statements for FY2024 and FY2025 by June 2026.
• A breach of financial covenants under the existing loan facility that requires a waiver from the lender.

Analysts’ Contact Info

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

Rashi Wright
E-mail: rwright@caricris.com

info@caricris.com

RATING ACTION:

On March 27, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Trinidad and Tobago Unit Trust Corporation (TTUTC) at CariAA (Foreign and Local Currency Ratings) on the regional rating scale, and ttAA (Local Currency Rating) on the Trinidad and Tobago national scale. A stable outlook was maintained.

Download Full Rationale

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 ROE and ROEA of 5% and 1.5% 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 deterioration in the credit quality of the fixed-income portfolios below investment grade.
• A 15% or higher reduction in FUM sustained for 3 consecutive years.
• A reduction in total investment income to average earning assets to 1.5% sustained for 3 consecutive 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

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.