The Jamaica National Group Limited

RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to The Jamaica National Group Limited (JN Group or the Company) at 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 negative outlook was assigned.

 Read Full Rationale Here

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 Jamaica (GoJ), leading to an improved sovereign risk profile
• Growth in the Group’s revenue, leading to return on earning assets (ROEA) of 1.5% sustained for 2 years
• Improvement in the Group’s cost-to-income ratio to 65% or below for at least 2 consecutive years
• Improvement in the Group’s non-performing loans (NPLs) to gross loans to below 2.8%
• Improvement in the Group’s tangible net worth (TNW) to total adjusted assets to 20% or above
• Improvement in the Company’s ROEA to 1.2% sustained for 2 consecutive years
• Improvement in the Company’s cost-to-income ratio to 65% or below for at least 2 consecutive years

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

• Deterioration in the credit rating of the GoJ, leading to a worsened sovereign risk profile
• Reduction in the Group’s revenue, leading to ROEA of -0.5% sustained for 2 consecutive years
• Deterioration in the Group’s cost-to-income ratio to 115% or above
• Deterioration in the Group’s asset quality with NPL ratio of 4.5% or above over the next year
• Deterioration in the Group’s TNW to total adjusted assets to 8% or below
• Deterioration of any of the Group’s subsidiaries’ capital adequacy ratios below regulatory requirements
• An increase in the Company’s gearing ratio to above 3 times
• Deterioration in the Company’s ROEA to -10% sustained for 1 year
• Deterioration in the Company’s cost-to-income ratio to 100% or above for at least 1 year

Analysts’ Contact Info:

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

Maxwell Gooding
E-mail: mgooding@caricris.com

info@caricris.com
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