Bourse Securities Limited

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