RATING ACTION:

 On June 28, 2024, CariCRIS reaffirmed the assigned issue ratings of CariAA- (Foreign and Local Currency Ratings) on the regional scale and ttAA- (Foreign and Local Currency Ratings) on the Trinidad and Tobago (T&T) national scale to the TT $36 million bond issue of Development Finance Limited (DFL 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:

• Improvement in the credit rating of the Government of the Republic of Trinidad and Tobago (GORTT)

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

• Material impairment in any of the underlying securities
• Substantial deterioration in the financial performance and position of DFL
• Downgrade in the rating of the GORTT
• Breaches to any of the bond’s covenants
• Breaches of covenants related to other long-term borrowing including limits related to non-performing loans
• A fall in the bond’s security coverage to below 1.0x

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 June 28, 2024, CariCRIS reaffirmed the assigned issue ratings of CariAA- (Local Currency Rating) on the regional scale and ttAA- (Local Currency Rating) on the Trinidad and Tobago (T&T) national scale to the TT $63.3 million bond issue of Development Finance Limited (DFL 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:

• Improvement in the credit ratings of the Government of the Republic of Trinidad and Tobago (GORTT)

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

• Material impairment in any of the underlying securities
• Substantial deterioration in the financial performance and position of DFL
• Downgrade in the ratings of the GORTT
• Breaches to any of the bond’s covenants
• Breach of covenants related to other long-term borrowings including limits related to non-performing loans
• A fall in the bond’s security coverage to below 1.0X

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 June 28, 2024, CariCRIS reaffirmed the assigned issuer/corporate credit ratings of CariA+ (Foreign and Local Currency Ratings) on the regional rating scale, and ttA+ (Foreign and Local Currency Ratings) on the Trinidad and Tobago (T&T) national scale to Point Lisas Industrial Port Development Corporation Limited (PLIPDECO 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:

• A greater than 8% y-o-y improvement in revenue for 2 consecutive years
• An improvement in profits by 40% for 2 consecutive years excluding the effects of revaluation gains and one-off incurrences

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

• A material decline of 10% in revenue in 2024
• Effective DSCR falls below 1 time
• Any material Company event that can result in default/breaches of covenants

Analysts’ Contact Info:

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

Brandon Singh
bsingh@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 June 28, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Bourse Securities Limited (BSL or the Company) at CariA (Foreign and Local Currency Ratings) on the regional scale 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:

• Improving business conditions and company performance resulting in an increase in Profit After Tax (PAT) by 15% sustained for 3 financial years
• An increase in net interest spread to at least 2% sustained for 3 financial years
• An increase in Tangible Net Worth (TNW) by 15% sustained for 3 financial years
• Further reduction in its funding concentration risk such that less than 40% of BSL’s funding is derived from its top 10 clients sustained for 2 financial years

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 to 15 months leading to increased liquidity pressures
• A decline in PAT by 15% sustained for 2 financial years
• Funding withdrawals from its top 3 institutional investors

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 June 28, 2024, CariCRIS reaffirmed the Bond Issue Credit Rating assigned to the J $1 billion bond issue of Poly Pet Company Limited (Poly Pet or the Company) at jmBB- (Local Currency Rating) on the Jamaica national scale. A stable outlook was maintained.

 RATING SENSITIVITY FACTORS:

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

• Sustained profitability for more than 2 financial years (based on audited accounts)
• Improvement in the Company’s debt service coverage ratio (DSCR) to over 1 time sustained for more than 2 financial years (based on audited accounts)
• Improvement in Poly Pet’s debt to net shareholder’s equity ratio to below 2 times sustained for 2 financial periods (based on audited accounts)
• Sustained compliance with bond financial covenants for more than 2 financial periods (based on audited accounts)

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

• A greater than 10% decline in operating revenue for 2 consecutive years
• A net increase in intercompany balances by 5% over the next 12 months
• Continued breach of covenants stipulated in the final term sheet/prospectus for the bond offering
• Changes in environmental laws and regulations toward reducing plastic use in Jamaica
• Material deviation of Poly Pet’s audited financial accounts for June 2023 from management accounts presented, resulting in lower profitability and cash flow adequacy metrics
• Overall equipment effectiveness (OEE) less than 65% or failure to fulfil production contracts in the 9 months ended March 2025
• Inability to refinance the bond’s principal when it becomes due in 2025

Analysts’ Contact Info:

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

Maxwell Gooding
mgooding@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 June 28, 2024, CariCRIS reaffirmed the ratings currently assigned to the TT $4 billion bond issue (Series B, C and D) of the National Investment Fund Holding Company Limited (NIF or the Company) of CariAA (Local Currency Rating) on the regional rating scale and ttAA (Local Currency Rating) on the Trinidad and Tobago (T&T) 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:

• Improvement in the credit risk profile of the GORTT
• Improvement in the credit risk profiles of TGU and RFHL

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

• A deterioration in the credit risk profile of the GORTT over the next 12 months
• A deterioration in the cash flow adequacy ratio to less than 1 time sustained for 2 financial periods
• A deterioration in the credit risk profiles of TGU and RFHL
• Breach of any covenants of the bond

Analysts’ Contact Info:

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

Sharlene Gordon
Phone :1-876-618-9811
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 June 28, 2024, CariCRIS upgraded by one-notch the assigned issue ratings to CariAA+ (Foreign and Local Currency Ratings) on the regional rating scale and reaffirmed the Jamaica national scale ratings of jmAAA (Foreign and Local Currency Ratings) to the debt issue of up to US $76 million of Sagicor Financial Company Limited (SFC 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:

• Substantial improvement in the market position and financial performance and profitability of Sagicor Canada and Sagicor Jamaica
• Successful acquisitions and/or regional expansion over the next 12 to 15 months with a concomitant material improvement in any of its main segments’ market share and SFC’s overall financial performance

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

• A significant change in capitalization, especially on account of future acquisitions resulting in the MCCSR falling to 175% or lower
• Substantial deterioration in consolidated financial performance, with a greater than 40% fall in total income
• Decrease in Interest Coverage to <1.5X
• A reduction in the creditworthiness of Jamaica where SFC derives more than 30% of its net insurance and investment result

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 June 28, 2024, CariCRIS reaffirmed the assigned issuer ratings of CariA (Local and Foreign Currency Ratings) on the regional rating scale and jmAA (Local and Foreign Currency Rating) on the Jamaica national scale to GraceKennedy Limited (GKL or the Group). CariCRIS also reaffirmed the assigned issue ratings of the Group’s bond issue of up to J $3 billion ratings at CariA (Local Currency Rating) on the regional rating scale and jmAA (Local Currency Rating) on the Jamaica national scale. A positive 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 CariCRIS’ sovereign credit risk rating of Jamaica
• Successful acquisitions and/or regional expansion over the next 12 to 15 months with a concomitant material improvement in any on its main segments’ market share and GKL Group’s overall financial performance

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

• Substantial and sustained deterioration in operating revenue of more than 7.5% over 2 successive years
• A decline in operating profit margin to 5% or below
• Decline in the parent company’s DSCR ratio to <1.33 times or fall in effective DSCR to below 1.5x
• Increase in Debt to EBITDA ratio to >4.0 times
• A lowering of CariCRIS’ sovereign credit risk rating of Jamaica

Analysts’ Contact Info:

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

Brandon Singh
bsingh@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 June 28, 2024, CariCRIS reaffirmed the Bond Issue Credit ratings assigned to the US $40 million bond issue of PBS Technologies (Trinidad) Limited (PBSTTL or the Company) at CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional scale, and jmAA (Foreign Currency Rating) and jmAA+ (Local Currency Rating) on the Jamaica national scale. The outlook was revised to positive from stable.

 RATING SENSITIVITY FACTORS:

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

• An increase in profit after tax (PAT) of above 10% for 1 year
• An increase in debt service coverage ratio (DSCR) and effective DSCR to above 1.5 times and 2.5 times respectively

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

• A greater than 4% decline in operating revenue for 2 consecutive years
• A decline in interest cover to below 2 times
• A deterioration in the Company’s debt/ Tangible Net Worth (TNW) ratio to more than 3.5 times
• A breach of any of the financial covenants associated with the US $40 million Bond
• Material deviation of PBSTTL’s audited financial accounts for 2023 from management accounts presented, resulting in lower profitability and cash flow adequacy metrics
• Unfavourable capital market conditions that could hinder access to new capital, given the likelihood that the US $40 million bond would have to be refinanced in 2026
• A deterioration in the sovereign risk profiles of the countries in which the Company operates

Analysts’ Contact Info:

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

Maxwell Gooding
mgooding@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.

Colonial Fire and General Insurance Company Limited – Withdrawal of Issuer/ Corporate Credit Ratings

Caribbean Information & Credit Rating Services Limited (CariCRIS), the region’s credit rating agency, wishes to inform the public of the withdrawal of the Issuer/ Corporate credit ratings and outlook assigned to Colonial Fire and General Insurance Company Limited (COLFIRE or the Company). These ratings were last reported on by CariCRIS in September 2023.

These ratings were withdrawn following CariCRIS’ receipt of notice from COLFIRE. As a result, the ratings will no longer be kept under annual surveillance and as such there will be no further updates on the corporate credit ratings.

June 24, 2024