RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Jamaica Public Service Company Limited (JPS) at CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale, and jmAA+ (Local Currency Rating) on the Jamaica national scale. A stable outlook was assigned.

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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 of 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
• Adverse regulatory developments, including unfavourable outcomes of the tariff review or license renewal process, or increased competition following the expected loss of generation exclusivity in 2027
• Higher-than-expected financial impact from Hurricane Melissa, including restoration costs that exceed available self-insurance resources, leading to a more than 40% drop in operating profit over the next 12 months.

Analysts’ Contact Info:

Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com

Keevan Roopan
E-mail: kroopan@caricris.com

info@caricris.com
www.caricris.com

RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Proven Group Limited (PROVEN) at CariBBB+ (Local and Foreign Currency Ratings) on the regional scale and jmA (Local and Foreign Currency Rating) on the Jamaica national scale. A stable outlook was assigned.

Download Full Rating Rationale 

RATING SENSITIVITY FACTORS:

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

• 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 $9.3 million respectively.
• Diversify earnings composition to limit profits from associated companies to 40% and below.

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

• Economic environment negatively impacting revenue streams leading to losses.
• A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors.
• Gross profit from RMCL falls by over 30%.
• Cost to Income ratio weakens to 75% and over for another year.
• Another year of reduced share of profits from JMMBGL, in line with FY2023.

Analysts’ Contact Info:

Analysts’ Contact Info:
Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com

Veeresh Ramsaroop
E-mail: vramsaroop@caricris.com

info@caricris.com
www.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 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Endeavour Holdings Limited at CariA (Local and Foreign Currency Ratings) on the regional scale and ttA (Local Currency Rating) on the Trinidad and Tobago national scale. A stable outlook was assigned.

Download Full Rating Rationale 

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 Trinidad and Tobago.
• PAT, excluding FV and revaluation gains/losses, increases by 8% or more for at least 2 consecutive years.
• Occupancy levels rising to above 95% sustained for 2 years.
• Acquisition of additional properties, further diversifying EHL’s asset base.

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

• An increase in rental expenses to 40% or more of rental income leading to a material decline in operating profits.
• Occupancy levels declining to below 80%.
• Breach of any of the bond’s financial covenants for 2 consecutive years.
• A fall in the effective DSCR to below 1.5 times for 2 consecutive years.

Analysts’ Contact Info:

Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com

Kyla Balwant
Tel: 1-868-682-9919
E-mail: kbalwant@caricris.com

info@caricris.com
www.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 September 19, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to VM Investments Limited and its subsidiary (VMIL or the Group) at CariBBB (Local Currency Rating) on the regional rating scale, and jmBBB+ (Foreign Currency Rating) and jmA- (Local Currency Rating) on the Jamaica national scale. A stable outlook was maintained. 

Download Full Rating Rationale

RATING SENSITIVITY FACTORS: 

Factors that could, individually or collectively, lead to an improvement in 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 return on earning assets (ROEA) to 4% or more for 2 years
• An improvement in the credit rating of the Government of Jamaica (GoJ)
• An improvement in the credit risk profile of the Group’s parent Company, VMFG
• An improvement in the tangible net worth (TNW) to total assets ratio to 10%
• An improvement in the gearing ratio to 7 times

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

• Deterioration in VM Wealth Management Limited’s (VMWM) 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 GoJ
• Reduction in ROEA of VMIL to 1% or less for 1 year
• A deterioration of profit after tax (PAT) by 25% or more in 2025 will lead to the lowering of the earnings risk rating
• VMIL has a return on assets (ROA) ratio of less than 1% or an Interest Coverage Ratio of less than 1.5 times for more than 3 months

Analysts’ Contact Info:

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

Maxwell Gooding
E-mail: mgooding@caricris.com

info@caricris.com
www.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 13, 2025, 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.

Download Full Rating Rationale

RATING SENSITIVITY FACTORS:

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

• An increase in ROEA to at least 2.5% 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) to Total Assets to at least 28% 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

A fiscal surplus of more than 5% of GDP recorded for 2 consecutive fiscal periodsFactors 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
• A decline in ROEA to 2.5% sustained for 2 financial years
• Untimely responses to regulatory/legislative changes
• Funding withdrawals from its top 3 institutional investors without adequate replacements

RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the ratings for a notional US $25 million debt issue of the Government of the Commonwealth of Dominica (GOCD) of CariBB (Foreign and Local Currency Rating) on the regional scale. A stable outlook was assigned.

Download Full Rating Rationale

RATING SENSITIVITY FACTORS:

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

• Growth in real economic activity of 6% or more, sustained for at least 2 years;
• A fiscal surplus of more than 5% of GDP recorded for 2 consecutive fiscal periods.

A fiscal surplus of more than 5% of GDP recorded for 2 consecutive fiscal periodsFactors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:

• Debt/GDP ratio exceeding 100% for 2 consecutive years;
• Economic and social disruption caused by natural disasters;
• Material reduction in grants and multilateral funding.

RATING ACTION:

On March 14, 2025, 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.

Download Full Rating Rationale

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%
• Improvement in the cost to income ratio to 95% or lower, sustained for 2 financial periods
• Adherence to the EIB’s revised financial covenants
• Sustained profitable operations, leading to ROEA and ROE of 0.1% and 0.8% or above, for 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 and/ 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 the liquidity ratio to 1 time or less over the next 12 months
• A fall in the Bank’s capital adequacy ratio to less than 25% over the next 12 – 15 months

RATING ACTION:

On June 13, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to The Beacon Insurance Company Limited (BICL or Beacon or the Company) at CariA- (Foreign and Local Currency Ratings) on the regional rating scale and ttA- (Local Currency Rating) on the Trinidad and Tobago national scale. CariCRIS also reaffirmed the Financial Strength Rating assigned to Beacon at CariA-. A stable outlook was maintained.

Download Full Rating Rationale

RATING SENSITIVITY FACTORS:

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

• An improvement in the market share of general insurance products in Beacon’s largest market to 10% or more
• An improvement in the overall credit profile for Beacon’s fixed income portfolio where more than 65% of the portfolio is rated investment grade on the Standard and Poor’s (S&P) rating scale, sustained for 1 financial year
• Increased profitability leading to an improvement in Return on Earning Assets (ROEA) and Return on Equity (ROE) to above 2.5% and 10% respectively, sustained for 2 financial years

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 Beacon’s top reinsurer
• Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
• Lowered profitability leading to a deterioration in ROEA and ROE to below 0.5% and 3.5% respectively, sustained for 2 financial years

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

RATING ACTION:

On June 13, 2025, 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.

Download Full Rating Rationale

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 and/ 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