RATING ACTION:
On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to Saint Lucia Electricity Services Limited (LUCELEC or the Company) at CariBBB- (Foreign and Local Currency Ratings) on the regional rating scale. A stable outlook was maintained.
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 sovereign over the next 12-15 months
- Continued improvements in economic and business conditions over the next 12 months in Saint Lucia, thereby leading to increased electricity sales
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 sovereign over the next 12-15 months
- A deterioration in Return on Assets (ROA) to 4.5% or lower sustained for 2 consecutive years
- Trade receivables turnover greater than 65 days sustained for 2 years
- Debt Service Coverage Ratio (DSCR) lower than 2 times sustained for 2 years
- A change in the monopoly position afforded by regulation
Analysts’ Contact Info:
Keith Hamlet
Tel: 1-868-487-8356
E-mail: khamlet@caricris.com
Shabanna Seetaram
E-mail: sseetaram@caricris.com
info@caricris.com
www.caricris.com
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