RATING ACTION:
On March 27, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Island Car Rentals Limited (ICR or the Company) at CariBBB- (Foreign & Local Currency Ratings) on the regional scale and jmBBB+ (Foreign & Local Currency Ratings) on the Jamaica national scale. A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:
- An improvement to the ratings of the Government of Jamaica
- Operating profit margin increases to 45% or above, sustained over 2 consecutive years.
- Further improvements to the Company’s corporate governance structure alongside the full implementation of the Enterprise Risk Management (ERM) Framework.
- A substantial reduction in debt leading to a debt to TNW ratio of below 1.0 time.
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- A deterioration to the ratings of the Government of Jamaica
- Operating profit margin declines to 30% or below, sustained over 2 consecutive years.
- An increase in cost to income ratio above 75%
- Non-receipt of audited statements for FY2024 and FY2025 by June 2026.
- A breach of financial covenants under the existing loan facility that requires a waiver from the lender.
Analysts’ Contact Info
Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com
Rashi Wright
E-mail: rwright@caricris.com
info@caricris.com