RATING ACTION:

On May 5, 2026, CariCRIS assigned the Issuer/Corporate Credit ratings to ANSA McAL Limited at CariAA (Foreign and Local Currency Ratings) on the regional scale and ttAA (Foreign and Local Currency Ratings) on the Trinidad and Tobago (T&T) national 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:

• Improvement in the credit rating of the Government of the Republic of Trinidad and Tobago.
• A sustained reduction in sovereign exposure to T&T to below 50% of 3rd party revenues.
• An improvement in the gross profit (GP) margin to 35% or above sustained for 2 years.
• Expansion initiatives deliver strong returns with EBITDA margin and/or Group PAT increasing above 18% and 7% respectively.
• An improvement in the Group’s NPL levels to 6.8% or below, sustained for 2 years.

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

• Downgrade in the rating of the Government of the Republic of Trinidad and Tobago.
• A sustained economic downturn in any of the Group’s key operating markets that results in a material deterioration in AMCL’s earnings performance for 2 consecutive years.
• A weakening in the GP margin to 25% or below for 2 years.
• A deterioration in the total borrowings (TB)/tangible net worth and/or TB/adjusted total assets ratios above 0.8 times and 20% respectively.
• A deterioration in the Group’s NPL levels to 10% or above, sustained for 2 years.
• Failure to meet 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

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 March 27, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to Massy Holdings Limited and its subsidiaries (Massy or the Group) at CariAA+ (Foreign and Local Currency Ratings) on the regional rating scale and ttAA+ (Foreign and Local Currency Ratings) 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 profitability resulting in annualised return on assets (ROA) > 6.5% for 2 consecutive financial periods
• Annualised return on capital employed (ROCE) > 16.5% for 2 consecutive financial periods
• An increase in operating cash flows leading to an improvement in effective debt service coverage ratio (DSCR) to > 6 times for 2 consecutive financial periods

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

• A decline in profitability resulting in annualised ROA < 5% for 2 consecutive financial periods
• Annualised ROCE < 10% for 2 consecutive financial periods
• Any occurrence of a decline in operating cash flows leading to a deterioration in effective DSCR to < 1 time

Analysts’ Contact Info:

Keith Hamlet
Tel: 1-868-487-8356
E-mail: khamlet@caricris.com

Shabanna Seetaram
E-mail: sseetaram@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

This sovereign report is a continuation of CariCRIS Caribbean Economic Reporting (CER) series (see our December 2024 six (6) country report, www.caricris.com).

In this current report, we highlight the sovereign of Guyana. 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 Co-operative Republic of Guyana.

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

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