RATING ACTION:

 On May 10, 2024, CariCRIS lowered the assigned issuer/corporate credit ratings by 3 notches to CariD (Foreign and Local Currency Ratings) on the regional rating scale, and ttD on the Trinidad and Tobago (T&T) national scale as well as jmD on the Jamaica national scale to NiQuan Energy Trinidad Limited (NETL or the Company). 

RATING SENSITIVITY FACTORS:

 Factors that could, individually or collectively, lead to an improvement in the ratings include:

• Reattainment of a long-term GSC
• Further formal extension to the STNI’s maturity
• Full commercialisation of operations with a track record of on-spec production and adequate debt servicing

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 March 12, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Massy Holdings Limited and its subsidiaries (Massy or the Group) at CariAA+ (Foreign and Local Currency Ratings) on its regional rating scale and ttAA+ (Foreign and Local Currency Ratings) on its 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 ratings and/or outlook include:

• Continued intraregional and extra-regional expansion resulting in an increase in operating revenue by > 15% for 2 consecutive financial periods
• An improvement in operating profit margin to > 12.5% for 2 consecutive financial periods
• An increase in operating cash flows leading to an improvement in effective debt service coverage ratio (DSCR) to > 7.5 times for 2 consecutive financial periods

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

• A deterioration in operating profit margin to < 5% for 2 consecutive financial periods
• A decline in operating cash flows leading to a deterioration in effective DSCR to < 1.2 times for 2 consecutive financial periods
• Negative reputational and/ or financial impact due to findings of the independent investigation into the Group’s governance

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.

Island Car Rentals Limited J $2.2 Billion Bond Issue – Withdrawal of Issue 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 credit rating and outlook assigned to Island Car Rentals Limited’s (ICR) J $2.2 billion, 7% Fixed Rate Secured Note due in December 2026. This rating was last reported on by CariCRIS in March 2023.

The rating is withdrawn following CariCRIS’ receipt of notice in April 2024, indicating full repayment of the instrument. As a result, the rating will no longer be kept under annual surveillance and as such there will be no further updates on this bond issue rating. ICR, will however maintain a corporate credit rating.

April 29, 2024

RATING ACTION:

On March 12, 2024, CariCRIS upgraded the assigned Issuer/ Corporate Credit Ratings by 1-notch to CariBBB- (Foreign & Local Currency Ratings) on the regional rating scale and jmBBB+ (Foreign & Local Currency Ratings) on the Jamaica national scale to Island Car Rentals Limited (ICR 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 to the ratings of the Government of Jamaica
• A 12.5% or greater annual increase in operating profits, sustained for 2 consecutive years
• Implementation of an Enterprise Risk Management Policy and further improvements to the Company’s corporate governance structure
• A substantial reduction in debt in line with ICR’s strategy to deleverage, 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
• Total operating revenue growth slows below 2.5%, leading to a deterioration in operating profit, sustained over 2 consecutive years
• A 10% or greater rise in total operating expenses, leading to a deterioration in operating profit, sustained over 2 consecutive years
• A fall in DSCR (operating cashflow / debt servicing burden) to less than 1.5 times
• Failure to satisfy any of the covenants of the J $1.8 billion commercial loan facility

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 March 12, 2024, CariCRIS reaffirmed the issuer/corporate credit ratings assigned to Guyana Shore Base Incorporated (GYSBI or the Company) at CariAA- (Foreign and Local Currency Ratings) on its regional rating scale and gyAAA (Foreign and Local Currency Ratings) on its Guyana 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 GYSBI over the next 2 years, leading to Profit After Tax (PAT) improving by 15% or more annually
• A reduction in client concentration risk where a single client will not account for more than 50% of the Company’s revenue, sustained for 2 financial years

Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
• Failure to satisfy any of the performance requirements of the contractual agreement with Esso Exploration and Production Guyana Limited (EEPGL)
• A material reduction in GYSBI’s labour and plant efficiency metrics, which would lead to an increase in GYSBI’s operating expenses
• Failure of GYSBI to meet EEPGL’s key performance indicators (KPIs) stipulated in the 11-year contract
• A reduction in services provided to EEPGL leading to revenue declines of more than 15% for 2 consecutive years
• An increase in debt leading to increased leverage of above 3.5 times sustained for 2 financial periods
• An increase in det servicing requirements, leading to a decrease in effective debt service coverage ratio (DSCR) to below 1.25 times sustained for 2 financial years

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 March 12, 2024, CariCRIS reaffirmed the ratings currently assigned to the Dominica Agricultural, Industrial and Development Bank (DAID or the Bank) at CariB (Foreign and Local Currency Ratings) on the 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:

• An upgrade to the sovereign credit rating of the GOCD
• Improvement in the NPL ratio to less than 16%
• Adherence to the EIB’s revised financial covenants
• Sustained profitable operations for more than 2 financial periods
• Progress in the implementation of the Bank’s ERM framework

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

• A change in the sovereign credit rating of the GOCD
• Sustained NPL ratio of 45% or more over for the next 12 – 15 months
• Further delay in the full implementation of the Bank’s Enterprise Risk Management Framework
• Any loss of major funding lines without identification of a suitable alternative
• A decline in TNW coverage of net NPLs to less than 1 time over the next 12 – 15 months
• A fall in the Bank’s capital adequacy ratio to less than 25% over the next 12 – 15 months

Analysts’ Contact Info:

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

Sharlene Gordon
Tel : 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 April 3, 2024, CariCRIS reaffirmed the assigned ratings at CariAA (Foreign and Local Currency Ratings) on the regional rating scale and ttAA (Local Currency Rating) on the Trinidad and Tobago (T&T) national scale to Trinidad and Tobago Unit Trust Corporation (TTUTC). 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:
• Improving market and economic conditions over the next 12-15 months, leading to sustained Net Investment Income growth in excess of 30%.
• Diversification of funds under management to include a greater share of millennial unitholders.
• Successful expansion and implementation of operations into the Caribbean leading to positive impacts on revenue.
• Improvement in the cost to income ratio to 55% or below sustained for 2 financial years.

Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
• A 15% reduction in FUM sustained for 3 consecutive years.
• A deterioration in the credit quality of the fixed-income portfolios below investment grade.
• A reduction in total investment income to average earning assets to 1.5%; sustained for 3 consecutive years.

Analysts’ Contact Info:

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

Sharlene Gordon
Mobile : 1-1876-564-5230
sgordon@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 March 12, 2024, CariCRIS reaffirmed the assigned ratings of ttAA- (National Local Currency Ratings) on the Trinidad & Tobago national scale, for Home Mortgage Bank’s Collateralized Mortgage Obligation – CMO 2022-01. 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 sovereign over the next 12-15 months.
• Satisfactory repayment of Tranche A with payment flows in line with or above CariCRIS’ expectations.
• Sustained improvement in TTMF’s asset quality levels which reduces the originator risk.

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

• Persistent deterioration in the mortgage pool quality with delinquency levels of above 10% and/ or NPL ratio of above 5% within the underlying mortgage pool leading to heightened extension and/ or default risk over the next 12-15 months.
• Deterioration in TTMF’s NPLs to Gross loans ratio of above 10.5% sustained for 2 financial periods.
• A deterioration in the credit risk profile of T&T leading to increased market risk.
• Cashflow shortfalls from the mortgage pool that may impair payments of principals and interests.
• Replacement of TTMF as Administrator and Trustee and HMB as Registrar and Paying Agent with a lower rated counterparty.

Analysts’ Contact Info:

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

Sharlene Gordon
Tel : 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 March 12, 2024, CariCRIS upgraded the assigned Issuer/Corporate Credit ratings by 1-notch to CariA (Foreign & Local Currency Ratings) on the regional rating scale and jmAA (Foreign & Local Currency Ratings) on the Jamaica national scale rating to Pan Jamaica Group Limited (PJGL or the Group). 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 ratings of the Government of Jamaica
• A substantial improvement in the Group’s financial performance with continued improvement in PAT margins resulting in a ROA of over 10% for 3 consecutive years

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

• Continued economic uncertainty leading to ongoing losses in investment income and a reduction in the profitability of the new operating lines which results in the Group incurring operating losses
• A significant decline of 50% or greater in SGJL’s dividend income
• A sustained effective DSCR of less than 1.5 times over a 2-year period

Analysts’ Contact Info:

Keith Hamlet

Mobile: 1-868-487-8356

khamlet@caricris.com   

Jeffrey James

Mobile : 1-868-713-5987

jjames@caricris.com    

www.caricris.com 

info@caricris.com  

RATING ACTION:

On March 12, 2024, CariCRIS upgraded the assigned Issuer/Corporate credit rating by 1-notch to CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional rating scale and jmAA+ (Local Currency Rating) on the Jamaica national scale to The Port Authority of Jamaica (PAJ or the Authority). 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 sovereign over the next 12-15 months.
• A significant increase in total operating revenue or profit leading to the DSCR remaining above 2.5 times over the next 2 years.

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

• Unexpected material changes in the terms and conditions of its concession agreements with its cargo operators due to force majeure that will negatively impact the payment of guaranteed fixed revenue to the Authority.
• A greater than 20% decline in operating revenue over the next 12-15 months that results is a reduction of the DSCR to 1.4 times or below.

Analysts’ Contact Info:

Keith Hamlet

Mobile: 1-868-487-8356

khamlet@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.