RATING ACTION:

On September 14, 2023, CariCRIS reaffirmed the assigned Corporate Ratings of CariA (Foreign and Local Currency Ratings) on the regional scale and ttA on the Trinidad and Tobago national scale to TRINRE Insurance Company Limited (TRINRE or the Group). 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:

• An improvement in profit after tax of over 10% over the next 3 financial periods
• Growth in TNW by more than 17.5% or more for 3 consecutive financial periods
• Further diversification of business into other regional territories
• An improvement in the ratings assigned to the T&T sovereign

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

•  A deterioration of the Company’s capital adequacy ratio to 150% or lower on a sustained basis for at least 6 months under normal conditions.
• A lowering of the ratings assigned to the T&T sovereign
• A lowering of the ratings of one of TRINRE’s main reinsurers
• Reduction in PAT by 10% or more for 1 consecutive financial period
• Reduction in TNW by 20% or more for 2 financial periods

Analysts’ Contact Info:

Keith Hamlet

Mobile : 1-868-487-8356

khamelt@caricris.com

Maxwell Gooding

mgooding@caricris.com

www.caricris.com 

info@caricris.com  

RATING ACTION:

On August 11, 2023, CariCRIS assigned initial issuer/corporate credit ratings of CariBBB+ (Local Currency Rating) and CariBBB (Foreign Currency Rating) on the regional rating scale, and jmA (Local Currency Rating) and jmA- (Foreign Currency Rating) on the Jamaica national scale for Cornerstone Financial Holdings Limited (CFHL 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 risk profile of the Government of Jamaica over the next 12-15 months.
• An improvement in the credit risk profile of BIL over the next 12-15 months
• Further diversity in revenue streams and asset class through the completion of its restructuring exercise and/or addition of investment grade and above assets sustained over the next 2 years.
• Successful acquisitions over the next 12 to 15 months with a concomitant material improvement in the respective segment’s market share.
• Further enhancements to its overall corporate governance structure inclusive of independent directors on the Board.

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 Government of Jamaica.
• A deterioration in the credit risk profile of BIL over the next 12-15 months.
• A significant decline in the performance of BIL resulting in a material and sustained fall in CFHL’s income that adversely impacts its risk absorbing capacity.
• Increase in the debt/TNW and total debt to total assets ratios over the internal limits of 2 times and 75% respectively.
• Inability of CFHL’s portfolio companies to meet capital adequacy regulatory requirements in the Jamaica financial services industry following its re-organization exercise.

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com

Jeffrey James

jjames@caricris.com

www.caricris.com 

info@caricris.com  

RATING ACTION:

On October 4, 2023, CariCRIS assigned the Issuer/Corporate Credit ratings srA (Foreign Currency Rating) and srA+ (Local Currency Rating) on its Suriname national scale to Finabank N.V. (Finabank or the Bank). A stable outlook was also assigned.

RATING SENSITIVITY FACTORS:

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

• Improvement in the Government of Suriname’s (GOS’) credit risk profile, leading to an improved economic and business environment for Finabank
• Retail deposits ≥ 40% of funding base
• A greater than 100% increase in Profit After Tax (PAT) sustained for 2 consecutive financial years
• Improvement in Tangible Net Worth (TNW) to total adjusted assets to 12% or above sustained for 2 consecutive financial years

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

• Deterioration in the GOS’ credit risk profile, leading to a worsened economic and business environment for Finabank
• The deterioration of the gross Non-Performing Loans (NPLs) to gross loans ratio to 5% or more, leading to reduced earnings and increased provisioning, thereby affecting profitability
• Cost to income ≥ 50% sustained for 2 consecutive financial years
• A greater than 10% decline in total income sustained for 2 consecutive financial years
• The occurrence of any factors that may contribute to the deterioration of the Capital Adequacy Ratio (CAR) below the 10% minimum requirement for the Bank

Analysts’ Contact Info:

Keith Hamlet

Mobile: 1-868-487-8356

khamlet@caricris.com

Megan Dass

mdass@caricris.com

www.caricris.com   

info@caricris.com

RATING ACTION:

On September 14, 2023, CariCRIS reaffirmed the Issuer/Sovereign Credit ratings CariAA (Foreign and Local Currency Ratings) on its regional rating scale assigned to the Government of the Republic of Trinidad and Tobago (GORTT). 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 decrease in total general government debt to below 65% of GDP over the next 12 months
• A sustained improvement in debt servicing capability to above 7 times over 2 consecutive years
• A fiscal surplus in excess of 3% of GDP sustained over 2 consecutive years
• A rise in import cover to 12 months or more over the next 24 months

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

• An increase in total general government debt to above 100% of GDP over the next 12 months
• A sustained deterioration in debt servicing capability to below 3 times over 2 consecutive years
• A fiscal deficit in excess of 10% of GDP sustained over 2 consecutive years
• A fall in import cover to 6 months or less over the next 12 months
• Annual economic contraction of greater than 2% over the next 2 years

Analysts’ Contact Info:

Stefan Fortuné

Phone: 1-868-799-6751 (m)

sfortune@caricris.com

Megan Dass

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 September 14, 2023, CariCRIS reaffirmed the assigned ratings of CariA- (Foreign and Local Currency Ratings) on the regional rating scale for Eastern Caribbean Home Mortgage Bank. 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:

• Rising profit margins and sustained earnings growth for ECHMB over the next 3 years
• Further diversity in income streams through the successful launch of new products, investments, and services
• Further diversity in its funding to include sources from outside the OECS region.
• Strengthening of its capitalization level to above 20%
• A 20% improvement in PAT for 2 consecutive years

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

• A significant tightening of the net interest spread below 1% earned on investments and a material decline in profitability of 10% sustained for 2 financial periods
• The Company’s Tangible Net Worth to Total Assets remaining below 12% for the next financial year
• A further deterioration in PAT by more than 20% for 2 more consecutive years

Analysts’ Contact Info:

Keith Hamlet

Mobile: 1-868-487-4356

khamlet@caricris.com

Sultan Mohammed

Mobile : 1-1868-362-7304

smohammed@caricris.com

www.caricris.com 

info@caricris.com

RATING ACTION:

On September 14, 2023, CariCRIS reaffirmed the assigned ratings of ttA+ (National Local Currency Ratings) on the Trinidad & Tobago national scale for Home Mortgage Bank’s Collateralized Mortgage Obligation – CMO 2020-01. 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:

• A NPL ratio below 5% sustained over the next 12 to 15 months and/ or a return to delinquency levels of 2% – 4% within the underlying mortgage pool over the next 12-15 months.
• Satisfactory repayment of Tranche C with payment flows in line with or above CariCRIS’ expectations.

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 20% 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.
• 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.

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 September 14, 2023, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings of CariA (Foreign & Local Currency Ratings) on the regional scale and ttA (Foreign & Local Currency Ratings) on the Trinidad and Tobago national scale to Colonial Fire & General Insurance Company Limited (Colfire 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 the Republic of Trinidad and Tobago
• Sustained growth in PAT by >15% for two consecutive years without impacting other financial health indicators like capital adequacy and asset quality

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

• A lowering of the credit rating of the Government of the Republic of Trinidad and Tobago
• A 2-notch deterioration of the credit rating of any of Colfire’s top 3 reinsurers by Standard and Poor’s Ratings Services
• A sustained deterioration in the Company’s regulatory capital adequacy ratio below 150% over the next 12 months
• Loss of relationship with any of the Company’s major reinsurers due to issues relating to the accessing foreign exchange
• A 15% fall in Motor Premium Income
• A more than 10.6% decline in operating profit over the next 12-15 months leading to another LAT

Analysts’ Contact Info:

Anelia Oudit

Mobile : 1-868-487-8364

aoudit@caricris.com    

Brandon Singh

bsingh@caricris.com    

www.caricris.com 

info@caricris.com

RATING ACTION:

On September 14, 2023, CariCRIS upgraded the assigned Issuer/ Corporate Ratings to CariBBB (Local Currency Rating) on the regional scale and jmA- (Local Currency Rating) and jmBBB+ (Foreign Currency Rating) on the Jamaica national scale to VM Investments Limited (VMIL or the Company). 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:

•  Expansion of the Group’s product and service offerings and/or improvements in net interest spreads leading to a sustained increase in PAT of 10% or more for 2 years
• An improvement in the credit rating of the Government of Jamaica
• Less than 25% of VMIL’s (the Company) revenue is derived from dividend income as overall revenue from investments and loans increases sustained for 1 financial period

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

• Deterioration in VMWM’s total capital to total assets ratio to 7.5% or lower
• A deterioration of VMWM’s capital base to risk-weighted assets ratio to 12.5% or lower
• A lowering of the credit rating of the Government of Jamaica
• Reduction in PAT of VMIL by 10% or more for 2 or more years
• A cash injection of at least J $1.5 billion is not made by VM Financial Group (VMFG) in 2023

Analysts’ Contact Info:

Keith Hamlet

Mobile : 1-868-487-8356

khamelt@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 September 14, 2023, CariCRIS reaffirmed the Issuer/Sovereign Credit ratings of CariBBB- (Foreign and Local Currency Ratings) on its regional rating scale assigned to the The Government of Saint Lucia (GOSL). A stable outlook was maintained.

RATING SENSITIVITY FACTORS:

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

• Substantial changes in the debt levels leading to a debt to GDP ratio below 65%
• Achievement of a balanced budget over the medium term
• Sustained real GDP growth of the order of 3% per annum or more (above pre-COVID-19 level)

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

• Significant changes in the fiscal position leading to a fiscal deficit larger than 15% of GDP
• Substantial changes in the debt levels leading to sustained debt to GDP in excess of 90% alongside a decline in debt servicing to below 2 times

Analyst’s Contact Info:

Stefan Fortuné

Phone: 1-868-799-6751 (m)

sfortune@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 September 14, 2023, CariCRIS upgraded the assigned Issuer/Corporate Credit Ratings by 1-notch to CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) on the regional rating scale and reaffirmed the Jamaica national scale ratings of jmAA- (Local Currency Rating) and jmA+ (Foreign Currency Rating) to Supreme Ventures Limited (SVL or the Group). A stable outlook was assigned.

RATING SENSITIVITY FACTORS:

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

• Improvement in the Government of Jamaica’s credit rating, leading to an improved overall credit risk profile
• An increase in earnings from its Guyana operations to more than 15% of SVL’s annual profits
• Revenue increases by more than 12% sustained for the next 12-18 months

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

• A deterioration in the Government of Jamaica’s credit rating over the next 12-15 months
• A deterioration of SVL’s revenue by more than 15%
• Interest Cover and/or DSCR below 1.5 times and 3.25 times respectively

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.