Category: Ratings Rationale
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Sterling (Saint Lucia) Holdings Limited (SHL)
RATINGS ROUND-UP: ISSUE 21 OCTOBER – DECEMBER 2025
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Home Mortgage Bank’s Collateralized Mortgage Obligation – CMO 2019-01
RATING ACTION:
On December 4, 2025, CariCRIS reaffirmed the Overall Issue Rating assigned to the TT $200 million Collateralized Mortgage Obligation of Home Mortgage Bank (CMO 2019-01) at ttAA- (SO) (Local Currency Rating) on the Trinidad and Tobago national rating scale. A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the Rating and/ or Outlook include:
- An improvement in the loan portfolio quality, with a non-performing loan (NPL) ratio of lower than 3% sustained for 2 years
- A return to delinquency levels of 2% – 4% within the underlying mortgage pool over the next 12-15 months
Factors that could, individually or collectively, lead to a lowering of the Rating and/ or Outlook include:
- Persistent and further deterioration in the mortgage pool quality with delinquency levels of above 22% and/ or NPL ratio of above 8% within the underlying mortgage pool leading to heightened extension and/ or default risk over the next 12-15 months
- Consistent cash flow shortfalls in the underlying mortgage pool over the next 12-15 months that may impair payments of principals and interests
- A deterioration in the credit risk profile of the Government of the Republic of Trinidad and Tobago (GORTT) leading to increased market risk
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
E-mail: khamlet@caricris.com
Rudra Bhimsingh
E-mail: rbhimsingh@caricris.com
info@caricris.com
www.caricris.com
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.
Saint Lucia Electricity Services Limited
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
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.
NCB (Cayman) Limited
RATING ACTION:
On December 4, 2025, CariCRIS downgraded the Issuer/Corporate Credit Ratings assigned to NCB (Cayman) Limited (NCBKY or the Company) by 1 notch to CariA- (Foreign and Local Currency Ratings) on the regional rating 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:
- Improved profitability over the next year as a result of higher income earned from investments and/or loans, thereby contributing to Net Profit (NP) growth of 50% or more
- A reduction in the non-performing loan (NPL) ratio to below 15% sustained for 2 consecutive years
- Increase in Tangible Net Worth (TNW) by 20% or more for 3 consecutive years
- Improvement in funding profile to more diversified sources leading to improved funding stability
Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:
- A decline in investment yield leading to a compression in net interest spread to below 1% over the next 12 to 15 months
- An increase in the NPL ratio to above 30% for the next 12 months
- A downgrade in the ratings of assets within the fixed income portfolio
- Deterioration in the credit rating of National Commercial Bank Jamaica Limited (NCBJ or the Parent) that could materially impact the extent of support available to NCBKY
- A fall in customer deposits by 20% or more sustained for 2 financial years
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
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.
General Accident Insurance Company Jamaica Limited
RATING ACTION:
On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale. A stable outlook was maintained.
Download Full Rating Rationale
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the Ratings and/ or Outlook include:
- A reduction in the share of equity holdings to 25% or less of the investment portfolio sustained for 2 years
- Yield on invested assets ≥ 15% sustained for 2 years
- Return on Earning Assets (ROEA) ≥ 15% sustained for 2 years
- Return on Equity (ROE) ≥ 20% sustained for 2 years
- Minimum Capital Test (MCT) Ratio ≥ 200% sustained for 6 months
- Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 financial periods
Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:
- An increase in the share of equity holdings to 50% or more of the investment portfolio sustained for 2 years
- Yield on invested assets ≤ 8% sustained for 2 years
- ROEA ≤ 3% sustained for 2 years
- ROE ≤ 5% sustained for 2 years
- A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or S&P Global
- Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
- A deterioration of the Company’s MCT Ratio below regulatory minimum sustained for 6 months
- Total Investment Assets/ Policy Liabilities < 0.3 times sustained for 2 financial periods
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
E-mail: khamlet@caricris.com
Megan Dass
Mobile: 1-868-713-6863
E-mail: mdass@caricris.com
info@caricris.com
www.caricris.com
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.
Wigton Energy Limited
RATING ACTION:
On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Wigton Energy Limited at CariBBB+ (Local Currency Rating) on the regional scale and jmA (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:
- Successfully diversifying into other renewable sources of energy, geographical markets or unrelated streams of income, thereby boosting revenue stability and/or expansion.
- Improved operating efficiency, with capacity and availability metrics consistently meeting targets.
- Continued improvement in the economic conditions in Jamaica over the next year, thereby leading to increased demand for energy resulting in a more than 7% increase in operating profit sustained for 2 years.
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- Breach of any of the debt covenants.
- Failure to satisfy any of the performance requirements of the Power Purchase Agreements.
- A more than 15% decline in total operating revenues due to weather related disruptions resulting in the profit margin falling below 10.5%.
- A more than 35% increase in total operating expenses leading to PAT falling by more than 73%
- Inability to refinance or fully repay the bullet payment at maturity
Analysts’ Contact Info:
Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com
Kyla Balwant
Tel: 1-868-682-9919
E-mail: kbalwant@caricris.com
info@caricris.com
www.caricris.com
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.