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