RATING ACTION:

On June 13, 2025, 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 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 creditworthiness of the Government of Jamaica
• Improvement in PAT margin to 5.5% and over sustained for 2 consecutive years
• Improvement in Operating Profit margin to 7.5% and over sustained for 2 consecutive years
• An increase in profitability resulting in return on assets (ROA) > 5% for 2 consecutive years

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 10% over 2 successive years
• A decline in operating profit margin to 5% or below
• Impending trade tensions and/or a material increase in tariffs that can adversely impact supply chain and inventory costs resulting in the GP margin falling to below 35%
• 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 the creditworthiness of the Government of Jamaica

RATING ACTION:

On June 13, 2025, 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 (Development Finance). 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 and/ or Outlook include:

• Material impairment in any of the underlying securities
• Substantial deterioration in the financial performance and position of Development Finance
• Downgrade in the rating 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

RATING ACTION:

On June 13, 2025, 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. The outlook was revised to negative from stable.

RATING SENSITIVITY FACTORS:

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

• Sustained profitability for more than 2 financial years (based on audited accounts)
• Improvement in debt service coverage ratio (DSCR) to over 1 time sustained for more than 2 financial years (based on data from audited accounts)
• Improvement in ratio of debt to tangible net worth (TNW) to below 2 times sustained for 2 financial periods (based on data from audited accounts)
• Sustained compliance with financial bond 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 gross profit (GP) margin less than 33% for 2 consecutive years
• A return on assets (ROA) of less than 1% 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
• Inability to refinance the bond’s principal when it becomes due in December 2025
• Changes in environmental laws and regulations toward reducing plastic use in Jamaica
• Material deviation of Poly Pet’s audited financial accounts for June 2024 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 2026

RATING ACTION:
On June 13, 2025, CariCRIS reaffirmed the assigned issue ratings at CariAA+ (Foreign and Local Currency Ratings) on the regional rating scale and jmAAA (Foreign and Local Currency Ratings) on the Jamaica national scale 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 and/ 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 25% fall in total income

Decrease in Interest Coverage to <1.5X

A reduction in the creditworthiness of Jamaica where SFC derives more than 32% of its net insurance and investment result

Analysts’ Contact Info:

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

Gemma Baliram
gbaliram@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.

New Fortress Energy South Power Holdings Limited 

Up to USD 285 Million 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 New Fortress Energy South Power Holdings Limited’s (NFE SPH) up to USD $285 million, 6.5% Fixed Rate Secured Bonds due in 2029. This rating was last reported on by CariCRIS in December 2024.

The rating is withdrawn following CariCRIS’ receipt of notice in May 2025, 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.

June 10, 2025

RATING ACTION:

On December 5, 2024, CariCRIS assigned initial issuer/corporate credit ratings of CariA- (Foreign and Local Currency Ratings) on the regional rating scale to NAGICO Holdings Limited (NHL 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:

• Increase in operating profit margin to 10% and over for 2 consecutive years
• Decline in cost to income ratio sustained at < 55% for 2 consecutive years

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

• Reduction in the credit quality of NHL’s financial investment portfolio
• Loss of relationship with major reinsurers and failure to provide viable replacements
• A 2-notch deterioration of the credit rating of any of NHL’s major reinsurers by Standard and Poor’s Ratings Services
• A deterioration of any of the subsidiary’s capital adequacy ratio to below minimum regulatory requirements
• Substantial deterioration in consolidated financial performance leading to an operating loss margin of -10% or below for 2 consecutive years
• Material deterioration in the financial performance and position of its main subsidiary, NAGICO Insurance Company Limited which accounted for 53.5% of total revenue in 2023.

Analysts’ Contact Info:

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

Keevan Roopan
kroopan@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 14, 2025, 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 the regional rating scale and ttAA+ (Foreign and Local Currency Ratings) 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:

• An increase in profitability resulting in annualized return on assets (ROA) > 6.5% for 2 consecutive financial period
• Annualised return on capital employed (ROCE) > 16.5% for 2 consecutive financial periods
• An increase in operating cash flows leading to an improvement in effective debt service coverage ratio (DSCR) to > 6 times for 2 consecutive financial periods

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

• A decline in profitability resulting in annualized ROA < 5% for 2 consecutive financial periods
• Annualised ROCE < 10% for 2 consecutive financial periods
• A decline in operating cash flows leading to a deterioration in effective DSCR to < 1 time

RATING ACTION:

On March 14, 2025, 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. (Note: This report may reference data and information made available subsequent to the March 14, 2025 Rating Committee Meeting date, in support of the rating decision.)

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:

RATING ACTION:

On March 14, 2025, 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, resulting in ROEA and ROE of 1.5% and 5% respectively.
• Diversification of funds under management to include a greater share of young investors.
• 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 and/ or Outlook include:

• A 15% or higher 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: 1-868-487-8356
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 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 14, 2025, CariCRIS reaffirmed the issuer ratings of CariAA- (Foreign and Local Currency Ratings) on its regional rating scale assigned to The Government of the Virgin Islands (GoVI). A stable outlook was assigned. The fiscal sub-parameter rating was upgraded one-notch to reflect the continual improvement in fiscal performance indicators.

Download Full Rating Rationale

RATING SENSITIVITY FACTORS:

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

•  Real GDP growth of at least 5% sustained over the next 2 years.
• An uninterrupted improvement in visitor arrivals to greater than pre-hurricane levels maintained over the next 2 years.
• A consistent improvement in company incorporations and registrations to pre-pandemic levels maintained over the next 2 years.

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

• An increase in the total public sector debt to above 40% of GDP.
• A change in the island’s status as a British overseas territory or a material change in the level of support rendered to The VI from the UK.

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.