RATING ACTION:

On June 18, 2026, CariCRIS upgraded by 1 notch the Issuer/Corporate Credit Ratings assigned to Cornerstone Financial Holdings Limited (CFHL or the Company) to CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating) on the regional rating scale, and jmA (Foreign Currency Rating) and jmA+ (Local Currency Rating) 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 in the credit risk profile of the Government of Jamaica (GoJ)
• An improvement in the credit risk profile of the Barita Group of Companies (Barita)
• Return on Earning Assets (ROEA) > 5%, sustained for 2 financial years
• Total Earning Assets (TEA)/ Total Interest-Bearing Liabilities (TIBL) > 3 times, sustained for 2 financial years
• Further enhancements to corporate governance through the inclusion of independent directors

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

• A deterioration in the credit risk profile of the GoJ
• A deterioration in the credit risk profile of Barita
• ROEA < 2%, sustained for 2 financial years
• TEA/TIBL < 2.5 times, sustained for 2 financial years
• Inability of CFHL’s regulated subsidiaries to meet any capital adequacy requirements, sustained for 6 months

Analysts’ Contact Info:

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

Megan Dass
Mobile: 1-868-713-6863
E-mail: mdass@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.01

RATING ACTION:

On June 18, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to  Development Bank of Jamaica Limited at CariA- (Foreign Currency Rating) and CariA (Local Currency Rating)  on the regional scale and jmAA- (Foreign Currency Rating) and jmAA (Local Currency Rating 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 uplift in the creditworthiness of Jamaica, where DBJ derives 100% of its revenue
• Improving business conditions over the next 12-15 months, thereby leading to growth in client base and sustained earnings growth as evidenced by PBT margin of 15% or more and/or PAT margin of 30% or more.

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

• A reduction in funding by more than 25% over the next 12 to 15 months
• Interest rate spread falls by more than 150 basis points (bps) over the next 12 to 15 months
• CAR falls below the Bank’s internal minimum requirement of 20%
• A lowering of the creditworthiness of Jamaica

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 June 18, 2026, CariCRIS reaffirmed the assigned issuer ratings of CariA (Local and Foreign Currency Ratings) on the regional rating scale and jmAA (Local and Foreign Currency Ratings) on the Jamaica national scale to GraceKennedy Limited (GKL or the Group). CariCRIS also reaffirmed the assigned issue ratings of the Group’s bond issue of up to J $3 billion ratings at 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 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 creditworthiness of the Government of Jamaica
• Growth in Revenue by at least 9.0%, leading to an improvement in PAT margin to 5.0% and over sustained for 2 consecutive years
• An increase in profitability resulting in return on assets (ROA) > 4% for 2 consecutive years

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

• A decline in operating profit margin to 4% or below for 2 consecutive years.
• Impending trade tensions and/or a material increase in tariffs that can adversely impact supply chain and inventory costs resulting in the GP margin falling to below 45%, thus significantly reducing PAT, sustained for 2 consecutive years.
• Decline in the parent company’s DSCR ratio to <1.33 times^[1] or fall in effective DSCR to below 1.5x
• Increase in Debt to EBITDA ratio to >4.0 times
• A lowering of the creditworthiness of the Government of Jamaica

Analysts’ Contact Info:

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

Brandon Singh
E-mail: bsingh@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 June 18, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to PBS Technologies (Trinidad) Limited (PBSTTL or the Company) at CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale, and ttA (Foreign Currency Rating) and ttA+ (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:

• A return on assets (ROA) of 10% or above for 2 consecutive years
• Interest coverage ratio of 5 times or more for 2 consecutive years
• An improvement in the debt service coverage ratio (DSCR) and effective DSCR to more than 1.8 times and 3.8 times, respectively, for 2 consecutive years 

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

• A decline in the Gross Profit Margin to 35% or below for 1 year
• A weakening of interest cover to below 2 times
• A deterioration in debt/ tangible net worth (TNW) to more than 1.5 times
• Material deviation of PBSTTL’s audited financial accounts for 2025 from management accounts presented, resulting in lower debt protection metrics.
• A demand by the Company’s parent, PBS, on its promissory note leading to an adverse impact on the Company’s cash flow adequacy and financial flexibility.
• Deterioration in the sovereign risk profiles of the countries in which the Company Operates

Analysts’ Contact Info:

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

Maxwell Gooding
E-mail: mgooding@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 June 18, 2026, CariCRIS reaffirmed the Bond Issue ratings assigned to the debt issue of up to US $76 million or J $ equivalent of Sagicor Financial Company Ltd. at CariAA+ (Foreign and Local Currency Ratings) on the regional scale and jmAAA (Foreign and 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:

• Substantial improvement in the market position and financial performance and profitability of Sagicor Canada and Sagicor Jamaica.
• Successful acquisitions and/or regional expansion over the next 12 to 15 months with a concomitant material improvement in any of its main segments’ market share and SFC’s overall financial performance.

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

• A significant change in capitalization, especially on account of future acquisitions resulting in the Group LICAT falling to 100% or lower.
• Substantial deterioration in consolidated financial performance, with a greater than 25% fall in total income.
• Decrease in Interest Coverage to <1.5X
• A reduction in the creditworthiness of Jamaica where SFC derives more than 40% of its net insurance and investment result.

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.