RATING ACTION:

On March 14, 2025, CariCRIS assigned initial issuer/corporate credit ratings of CariBBB+ (Foreign and Local Currency Ratings) on the regional rating scale for Sterling (Saint Lucia) Holdings Limited (SHL or the Group). A stable outlook was assigned.

 Read Full Rationale Here

RATING SENSITIVITY FACTORS:

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

• Top 10 investment exposure reducing to less than 30% over the next two years
• A net spread above 2.6% sustained for 3 financial periods
• Leverage ratio below 3 times for 2 consecutive years•
• Total earning assets/total interest-bearing liabilities above 1.5 times sustained for 2 consecutive financial periods
• TNW/Total Assets increases above 20% sustained for 2-years•
• An improvement in the liquidity gap ratio below 35% for 2 consecutive years

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

• Increase in non-investment grade fixed income assets above internal limit of 30%
• Inability of SAM to meet capital adequacy regulatory requirements in the Jamaica financial services industry
• Decrease in asset yield and/or increase in funding costs leading to a compression in the net interest spread below 1% sustained for 2 consecutive years
• A deterioration in the cost to income ratio above 40% for 2 consecutive period.
• TNW/Total Assets below 10% for 2 consecutive years
•  A deterioration in the liquidity gap ratio above 50% sustained for 2 years.

Analysts’ Contact Info:

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

RATING ACTION:

On March 12, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit ratings CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating) on its regional rating scale and jmA+ (Foreign Currency Rating) and jmAA- (Local Currency Rating) on its Jamaica national scale to The Jamaica National Group Limited (or the Holding Company). 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:
• Expansion of the Group’s product and service offerings and/or improvements in operating efficiencies, leading to a sustained PAT for 2 years
• Improvement in the credit rating of the Government of Jamaica, leading to an improved sovereign risk profile
• Improvement in the Group’s cost-to-income ratio to 65% or below for at least 2 consecutive years
• Improvement in the Group’s NPLs to gross loans to below 2.8%
• Improvement in the Group’s TNW to total adjusted assets to 20% or above

Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
• A greater than 10% decline in the Group’s total income for 2 consecutive years
• Deterioration in the credit rating of the Government of Jamaica, leading to a worsened sovereign risk profile
• Deterioration in the Group’s TNW to total adjusted assets to 8% or below
• Deterioration of any of the Group’s subsidiaries’ capital adequacy ratios below regulatory requirements
• Deterioration in the Group’s cost-to-income ratio to 100% or above
• An increase in the Company’s gearing ratio to above 3 times
• The Group’s NPL ratio remaining above 4.5% over the next year

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 March 12, 2024, CariCRIS reaffirmed the assigned rating of jmA (Foreign Currency Rating) on the Jamaica national scale to the US $160 million bond issue of JMMB International Limited. 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 GOJ’s credit rating over the next 12-15 months
• An improvement in the credit rating of JMMBIL’s parent JMMB Group Limited
• Growth in PAT of 15% or more for 3 consecutive years
• Growth in TNW by greater than 15% for 3 consecutive years

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

• A deterioration in the GOJ’s credit rating over the next 12-15 months
• A lowering of the ratings of JMMBIL’s parent, JMMB Group Limited
• Breach of any of the bond covenants including a deterioration below the capital regulatory requirements of any of the operating subsidiaries in their respective jurisdictions
• Failure of JMMBGL to fulfil its role as guarantor if called upon to do so
• Decline in PAT of 15% or more for 3 consecutive years
• Decline in TNW by greater than 15% for 3 consecutive years

Analysts’ Contact Info:

Keith Hamlet
Mobile: 1-868-487-8356
khamelt@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 March 14, 2025, 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. A stable outlook was maintained.

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 ROA and ROE of 15% and 50% respectively, for 2 consecutive years.
• 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 Exploration and Production Guyana Limited (EEPGL)
• An increase in GYSBI’s operating expenses, resulting in a deterioration in the cost to income ratio to 85% or higher, sustained for 2 consecutive years
• Failure of GYSBI to meet EEPGL’s key performance indicators (KPIs) stipulated in the 11-year contract
• A reduction in revenue leading to a decline in the GP Margin to 35% or lower, sustained 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

Sharlene Gordon
Mobile: 1-876-564-5230
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 Overall Issue Credit rating assigned to Home Mortgage Bank’s Collateralised Mortgage Obligation 2022-01 (HMB CMO 20022-01) at ttAA- (SO) (Local Currency Rating) on the Trinidad and Tobago national rating 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:

• Satisfactory repayment of Tranche B by January 15, 2026, with payment flows in line with or above CariCRIS’ expectations
• Sustained improvement in Trinidad and Tobago Mortgage Bank Limited (TTMB)’s asset quality which reduces the originator risk

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

• Persistent deterioration in the mortgage pool quality with delinquency levels of above 10% and/ or ratio of non-performing loans (NPLs) to gross loans of above 5% within the underlying mortgage pool leading to heightened extension and/ or default risk
• Deterioration in TTMB’s NPLs to gross loans ratio to above 10.5% sustained for 2 financial periods
• Cashflow shortfalls from the mortgage pool that may impair payments of principals and interests
• Replacement of TTMB as Administrator and HMB as Registrar and Paying Agent with a lower rated counterparty

Analysts’ Contact Info:

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

Rudra Bhimsingh
rbhimsingh@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 ratings currently assigned to the US $400 million debt issue of 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 to The National Gas Company of Trinidad and Tobago Limited (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 CariCRIS credit rating of the GoRTT
• An improvement in the CariCRIS credit rating of the GoRTT
• An increase in the DSCR to >5 times sustained for 2 years leading to an improvement in the ability to service its amortised debt payments
• A substantial decline in receivables from T&TEC leading to significant improvement in NGC’s cash flows

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

• A fall in gross profit margin to below 15%
• A fall in gross profit margin to below 15% • A fall in the interest cover to < 1 time and/or effective DSCR to <1.5 times leading to a deterioration in the ability to service its interest and/or amortised debt payments
• A sustained decline in international prices of ammonia/ methanol, leading to a material fall in PAT margin to below 1% due to significantly lower revenue
• Inability to monetize receivables from T&TEC, significantly constraining NGC’s cash flows
• Deterioration in the CariCRIS credit rating of the GoRTT

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 March 14, 2025, CariCRIS reaffirmed the assigned corporate credit rating of 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 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.
• 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.
• 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 decline in effective DSCR to 1.5 times or below, sustained over 2 consecutive years.
• A decline in ROA to 1.4 times or below, sustained over 2 consecutive years.

Analysts’ Contact Info:

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

Kyla Balwant
Mobile : 1-868-682-9919
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.

RATING ACTION:

On March 14, 2025, CariCRIS reaffirmed the assigned Issuer/ Corporate Credit Ratings at CariBBB- (Foreign & Local Currency Ratings) on the regional 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
• An improvement to the ratings of the Government of Jamaica
• Operating profit margin increases to 45% or above, 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 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
• A deterioration to the ratings of the Government of Jamaica
• Operating profit margin declines to 30% or below, sustained over 2 consecutive years
• A decline in DSCR to 2.0 times or below, sustained over 2 consecutive years
• An increase in cost to income ratio above 75%

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 March 14, 2025, CariCRIS downgraded the Jamaica national scale the Issuer/ Corporate Credit Ratings assigned to The Jamaica National Group Limited (JN Group Limited or the Holding Company) by 1 notch to jmA (Foreign Currency Rating) and jmA+ (Local Currency Rating), and reaffirmed the regional scale ratings at CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating). 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 Jamaica (GoJ), leading to an improved sovereign risk profile
• Improvement in the credit rating of the Government of Jamaica (GoJ), leading to an improved sovereign risk profile
• Growth in the Group’s revenue, leading to return on earning assets (ROEA) of 1.5% sustained for 2 years
• Improvement in the Group’s cost-to-income ratio to 65% or below for at least 2 consecutive years
• Improvement in the Group’s non-performing loans (NPLs) to gross loans to below 2.8%
• Improvement in the Group’s tangible net worth (TNW) to total adjusted assets to 20% or above
• Improvement in the Holding Company’s ROEA to 10% sustained for 2 consecutive years
• Improvement in the Holding Company’s cost-to-income ratio to 65% or below for at least 2 consecutive years

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

• Deterioration in the credit rating of the GoJ, leading to a worsened sovereign risk profile
• Deterioration in the credit rating of the GoJ, leading to a worsened sovereign risk profile
• Reduction in the Group’s revenue, leading to ROEA of -0.5% sustained for 2 consecutive years
• Deterioration in the Group’s cost-to-income ratio to 115% or above
• The Group’s NPL ratio remaining above 4.5% over the next year
• Deterioration in the Group’s TNW to total adjusted assets to 8% or below
• Deterioration of any of the Group’s subsidiaries’ capital adequacy ratios below regulatory requirements
• An increase in the Holding Company’s gearing ratio to above 3 times
• Deterioration in the Holding Company’s ROEA to -10% sustained for 2 consecutive years
• Deterioration in the Holding Company’s cost-to-income ratio to 100% or above for at least 2 consecutive years

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.