RATING ACTION:

On December 5, 2024, CariCRIS upgraded the sovereign/issuer credit ratings assigned to the Government of Barbados (GOB) by one-notch to CariBBB (Foreign and Local Currency) on its regional rating 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:

• A decrease in the total public sector debt to below 85% of GDP
•  A fiscal balance better than 3% of GDP over the next 12 months

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

• Import cover below 12 weeks with no likely sources to increase reserves
• Delays in the construction of tourism-related investment projects scheduled for completion in 2025
• Derailment in any material way of the BERT 2022 plan

Analysts’ Contact Info:

Stefan Fortuné
Phone: 1-868-799-6751 (m)
sfortune@caricris.com

Carla Ash
Phone : 1-868-713-6794 (m)
cash@caricris.com

www.caricris.com
info@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.

RATING ACTION:

On December 5, 2024, CariCRIS reaffirmed the Issuer/ Corporate Credit Ratings assigned to The Belize Bank Limited (BBL or the Bank) at CariBBB- (Local and Foreign Currency Ratings) on the regional scale, and bzAA+ (Local Currency) on the Belize 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:

• Improvement in the ratings of the Government of Belize
• Increase in profitability to the order of 10% per annum over the next year
•  Improvement in asset quality with a NPL ratio of 2.5% over the next 2 years

Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:

• Lowering of the ratings of the Government of Belize
• The occurrence of any factors that may contribute to the deterioration of the CAR below the 9% minimum requirement for the Bank
• Decrease in profitability to the order of 15% per annum over the next 2 years
• Deterioration in asset quality with a NPL ratio above 7% or more sustained for 2 financial years
• Cost to income ratio weakens to 75% or more sustained for 2 financial years

Analysts’ Contact Info:

Keith Hamlet
Mobile : 1-868-487-4356
khamlet@caricris.com

Sharlene Gordon
Mobile : 1-1876-618-9811
sgordon@caricris.com

www.caricris.com
info@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.

RATING ACTION:

On December 5, 2024, CariCRIS reaffirmed the assigned issue credit ratings of CariBBB+ (Local Currency Rating) on the regional rating scale and jmA (Local Currency Rating) on the Jamaica national scale to the J $5.8 billion bond issue of Wigton Energy Limited (Wigton or the Company). 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:

• 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/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 35% increase in total operating expenses and/or a more than 15% decrease in total operating revenue leading to PAT falling by more than 80%
• Inability to refinance or fully repay the bullet payment at maturity

Analysts’ Contact Info:

Anelia Oudit
Mobile : 1-868-487-8364
aoudit@caricris.com

Kyla Balwant
kbalwant@caricris.com

www.caricris.com
info@caricris.com

Disclaimer: CariCRIS has taken due care and caution in the 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.

RATING ACTION:

On December 5, 2024, CariCRIS downgraded the Jamaica national scale ratings assigned to the up to US $285 million bond issue of NFE South Power Holdings Limited (NFE SPH or the Company) by 1 notch to jmA+ (Foreign and Local Currency Ratings) and reaffirmed the regional scale ratings of CariA- (Foreign and Local Currency Ratings). 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:

• Successful operations of the combined heat and power (CHP) plant over the next 2 to 3 years, in accordance with design specifications and on-time compliance with the power purchase agreement (PPA) and steam supply agreement (SSA) deliverables over the period
• An improvement in the creditworthiness of the guarantor (NFE or the Parent), sustained over 2 consecutive years
• 2 consecutive years of reported profit after tax (PAT) of the Company, leading to an improvement in its financial position and tangible net worth (TNW)

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

• Deterioration in the creditworthiness of the guarantor, thereby reducing its ability to honour its guaranteed commitment to NFE SPH in a timely manner, if so required
• Breach of contract by the operating and maintenance (O&M) counterparty, Caribbean Blue Skies Energy, which may have a negative impact on operations
• Any material litigation which may affect NFE or NFE SPH
•  Breach of any of the bond covenants
• A material reduction in the CHP plant’s availability which would impair its ability to deliver output stipulated in the PPA and SSA
• Failure by NFE or NFE SPH to capitalise the principal reserve account, at the appropriate time
• The inability of NFE SPH to refinance the bullet payment if necessary

Analysts’ Contact Info:

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

Rudra Bhimsingh
rbhimsingh@caricris.com

www.caricris.com
info@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.

RATING ACTION:

On December 5, 2024, CariCRIS reaffirmed the assigned ratings of CariBBB+ (Foreign and Local Currency Ratings) on the regional rating scale, and jmA (Foreign and Local Currency Ratings) on the Jamaica national scale to PROVEN Group Limited (PROVEN or the Group). A stable outlook was assigned.

Download Full Rating Rationale

RATING SENSITIVITY FACTORS:

Factors that could, individually or collectively, lead to an improvement of the rating and/or outlook:

• Cost to Income ratio improves to 75% and below
• Improvement in financial performance leading to operating profits and PAT over FY2020-FY2022 averages of US $6.9 million and US $20.1 million respectively

Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:

• Economic environment negatively impacting revenue streams leading to losses
• Increase in PROVEN’s stand-alone debt to equity ratio to above 2 times
• A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors
• Gross profit from RMCL falls by over 44.7%
• A 90% decline in share of profits from associated companies

Analysts’ Contact Info:

Anelia Oudit
Mobile : 1-868-487-8364
aoudit@caricris.com

Jeffrey James
Mobile : 1-868-713-5987
jjames@caricris.com

www.caricris.com
info@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.

RATING ACTION:

On December 6, 2023, 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 its Jamaica national 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:

• Net premium/ Policy Liabilities > 0.9 times sustained for 2 consecutive financial periods
• Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 consecutive financial periods
• Premium to Surplus Ratio > 1.6 times sustained for 2 consecutive financial periods
• Sustained growth in Profit After Tax (PAT) by > 15% over the next 2 years without adversely impacting capital adequacy and asset quality

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

• A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or Standard and Poor’s Ratings Services
• Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
• A deterioration in the Company’s Minimum Capital Test Ratio below regulatory minimum sustained for 6 months
• A 10% fall in gross premium income sustained for 2 consecutive financial periods
• A loss ratio in excess of 70% sustained for 2 consecutive financial periods

Analysts’ Contact Info:

RATING ACTION:

On December 6, 2023, CariCRIS reaffirmed the credit ratings assigned to the up to US $285 million bond issue of New Fortress Energy South Power Holdings Limited (NFE SPH or the Company) at CariA- (Foreign and Local Currency Ratings) on its regional rating scale and jmAA- (Foreign and Local Currency Ratings) on its Jamaica 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:

• Successful operations of the CHP plant over the next two to three years, in accordance with design specifications and on-time compliance with the PPA and SSA deliverables over the period
• An improvement in the creditworthiness of the guarantor (NFE), sustained over 2 consecutive years
• 2 consecutive years of reported profit after tax of the Company, leading to an improvement in its financial position and TNW

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

• Deterioration in the creditworthiness of the guarantor (NFE), thereby reducing its ability to honour its guaranteed commitment to NFE SPH in a timely manner, if so required
• Breach of contract by the O&M counterparty, Caribbean Blue Skies Energy, which may have a negative impact on operations
• Any material litigation which may affect NFE or NFE SPH
• Breach of any of the bond covenants
• A material reduction in the CHP plant’s availability which would impair its ability to deliver output stipulated in the PPA and SSA
• Failure by NFE or NFE SPH to capitalise the principal reserve account, at the appropriate time
• The inability of NFE SPH to refinance the bullet payment if necessary

Analysts’ Contact Info:

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.

RATING ACTION:

On December 5, 2024, 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.

RATING SENSITIVITY FACTORS:

Factors that could, individually or collectively, lead to an improvement in the Ratings and/or Outlook include:

•  Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 consecutive financial periods
•  Sustained growth in Profit After Tax (PAT) by > 15% over the next 2 years without adversely impacting capital adequacy and asset quality

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

•  A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or Standard and Poor’s Ratings Services
•  Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
•  A deterioration in the Company’s Minimum Capital Test Ratio below regulatory minimum sustained for 6 months
•  A 5% fall in insurance revenue
•  A 15% rise in insurance service expenses sustained for 2 consecutive financial period

Analysts’ Contact Info:

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

Megan Dass
Mobile: 1-868-713-6863
mdass@caricris.com

www.caricris.com
info@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.

RATING ACTION:

On December 5, 2024, CariCRIS reaffirmed the assigned corporate credit rating of CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale, and jmAA+ on the Jamaica national scale to Jamaica Public Service Company Limited (JPS or the Company). 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 in the credit rating of the Government of Jamaica over the next 12 – 15 months
• Continued improvement in the economic conditions in Jamaica over the next year, thereby leading to increased demand for energy
• Improved operating efficiency, with availability, heat rate, system losses and SAIDI metrics consistently meeting targets over the next 2 years.

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

• A deterioration in the credit rating of the Government of Jamaica over the next 12 – 15 months
• Failure to satisfy any existing debt covenants
• At least 2 consecutive years of declining operating profit by 16% or more.

Analysts’ Contact Info:

Anelia Oudit
Mobile : 1-868-487-8364
aoudit@caricris.com

Kyla Balwant
kbalwant@caricris.com

www.caricris.com
info@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.

RATING ACTION:

On December 5, 2024, CariCRIS upgraded the overall issue rating to ttAA- (SO) on the Trinidad and Tobago (T&T) national scale to the TT $200 million Collateralised Mortgage Obligation (CMO) of Home Mortgage Bank (HMB) (CMO 2019-01). A stable outlook was assigned.

 RATING SENSITIVITY FACTORS:

Factors that could, individually or collectively, lead to an improvement of the rating and/or outlook:

• An improvement in the loan portfolio quality, with an 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:

• 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 T&T leading to increased market risk.

Analysts’ Contact Info:

Anelia Oudit
Mobile : 1-868-487-8364
aoudit@caricris.com

Kyla Balwant
kbalwant@caricris.com

www.caricris.com
info@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.