RATING ACTION:
On June 18, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to PBS Technologies (Trinidad) Limited (PBSTTL or the Company) at CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale, and ttA (Foreign Currency Rating) and ttA+ (Local Currency Rating) on the Trinidad and Tobago national 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:
- A return on assets (ROA) of 10% or above for 2 consecutive years
- Interest coverage ratio of 5 times or more for 2 consecutive years
- An improvement in the debt service coverage ratio (DSCR) and effective DSCR to more than 1.8 times and 3.8 times, respectively, for 2 consecutive years
Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:
- A decline in the Gross Profit Margin to 35% or below for 1 year
- A weakening of interest cover to below 2 times
- A deterioration in debt/ tangible net worth (TNW) to more than 1.5 times
- Material deviation of PBSTTL’s audited financial accounts for 2025 from management accounts presented, resulting in lower debt protection metrics.
- A demand by the Company’s parent, PBS, on its promissory note leading to an adverse impact on the Company’s cash flow adequacy and financial flexibility.
- Deterioration in the sovereign risk profiles of the countries in which the Company Operates
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
E-mail: khamlet@caricris.com
Maxwell Gooding
E-mail: mgooding@caricris.com
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