RATING ACTION:

On March 14, 2025, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings of 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

• 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 and/or outlook include:

• Economic uncertainty leading to increased expenses and cost of raw materials thereby reducing the profitability of the operating lines and the Group’s GP Margin to below 25.9%
• Economic uncertainty leading to increased expenses and cost of raw materials thereby reducing the profitability of the operating lines and the Group’s GP Margin to below 25.9%
• A significant decline of 40% or greater in SGJL’s dividend income
• A sustained effective DSCR of less than 1.7 times over a 2-year period

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 assigned Initial Issue Credit Ratings to the up to US $25 million proposed bond issue of Gulfstream Petroleum Dominicana, S. De RL (GPD or the Company or Gulfstream) at CariBBB- (Foreign Currency Rating) on the regional rating scale, and drA- (Foreign Currency Rating) on the Dominican Republic national scale. 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:

• Gross profit (GP) margin at 10% or higher, sustained for 2 financial years
• Gross profit (GP) margin at 10% or higher, sustained for 2 financial years
• Return on assets (ROA) at 5% or higher, sustained for 2 financial years
• An improvement in the sovereign risk profile of the Government of the Dominican Republic (DR)
• Debt service coverage ratio (DSCR) above 1.5 times, sustained for more than 2 financial years
• Debt to tangible net worth (TNW) ratio below 10 times, sustained for 2 financial years

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

• Breach of any of the debt covenants• Breach of any of the debt covenants
• Failure to satisfy any of the performance requirements of contractual agreements with counterparties
• Breach of any technical or environmental regulations or quality standards stipulated by the regulator
• Debt to TNW ratio above 30 times, sustained for 2 financial periods
• Effective DSCR below 1 time, sustained for 2 financial periods
• Debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio above 12.5 times
• A decline in the sovereign risk profile of the Government of the DR
• Significant negative variances in 2024 audited financial statements compared to management accounts

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 March 14, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit rating assigned to Sagicor Life Jamaica Limited (SLJ or the Company) at jmAAA (Local Currency Rating) on the Jamaica 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:

• NA

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

• Annualised return on earning assets (ROEA) below 2%, sustained for 2 consecutive financial periods
• Annualised return on earning assets (ROEA) below 2%, sustained for 2 consecutive financial periods
• Annualised return on equity (ROE) below 5%, sustained for 2 consecutive financial periods
• A fall in Tangible Net Worth (TNW)/Total Assets to below 20%
• A fall in Total Investment Assets/Policy Liabilities to less than 0.5 times

Analysts’ Contact Info:

Keith Hamlet
Mobile : 1-868-487-8356
khamelt@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 14, 2025, CariCRIS reaffirmed the assigned credit ratings of CariA+ (Local Currency Rating) and CariA (Foreign Currency Rating) on the regional rating scale and jmAAA on the Jamaica national scale to Sagicor Group Jamaica Limited (SGJ 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 increase in CariCRIS’ internal ratings assigned to the sovereign, driven by continued favourable improvements in the macroeconomic environment of Jamaica resulting in a lowering of the debt/GDP ratio of the sovereign.

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

• A deterioration in the combined ratio above 90%.
• A cost to income ratio in excess of 80%

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.

RATING ACTION:

On December 5, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to TRINRE Insurance Company Limited and its subsidiary (TRINRE or the Group) at CariA (Foreign and Local Currency Ratings) on the regional rating scale and ttA (Local Currency Rating) on the Trinidad and Tobago (T&T) 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 improvement in Profit After Tax (PAT) of over 10% for 2 consecutive financial periods
• Growth in Tangible Net Worth (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 lowering of the ratings assigned to the T&T sovereign
• A lowering of the ratings of one of TRINRE’s main reinsurers
• Loss of relationship with any of the Group’s reinsurers without viable replacements
• A deterioration of the Company’s regulatory capital ratio to 150% or lower on a sustained basis for at least 6 months under normal conditions
• Reduction in insurance revenue by 10% or more for 2 consecutive financial periods
• A material deterioration in the Group’s investment asset quality sustained for a period of 6 months

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 December 5, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to NCB (Cayman) Limited (NCBKY or the Company) at CariA (Foreign and Local Currency Ratings) on the regional rating scale. A negative outlook was assigned.

RATING SENSITIVITY FACTORS:

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

• Improved profitability over the next year as a result of higher income earned from investments and/or loans, thereby contributing to Net Profit (NP) growth of 50% or more
• A reduction in the Non-Performing Loan (NPL) ratio to below 15% sustained for 2 consecutive years
• Increase in Tangible Net Worth (TNW) by 20% or more for 3 consecutive years
• Improvement in funding profile to more diversified sources leading to improved funding stability

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

• A decline in investment yield leading to a compression in net interest spread to below 1% over the next 12 to 15 months
• A net loss over the next 12 to 15 months
• An increase in the NPL ratio to above 30% for the next 12 months
• A downgrade in the ratings of assets within the fixed income portfolio
• Deterioration in the credit rating of National Commercial Bank Jamaica Limited (NCBJ or the Parent) that could materially impact the extent of support available to NCBKY
• A fall in customer deposits by 15% or more sustained for 2 financial years

Analysts’ Contact Info:

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

Zwade Thompson
zthompson@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 December 5, 2024, CariCRIS assigned Initial Issuer/Corporate Credit Ratings to Barita Investments Limited (Barita or the Company) at CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating) on the regional rating scale, and jmA (Foreign Currency Rating) and jmA+ (Local Currency Rating) on the Jamaica national 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 improvement in the credit rating of the Government of Jamaica (GoJ)
• Growth in profit after tax (PAT) of 15% or more for 3 consecutive years without material adverse impacts on regulatory capital ratios
• Growth in tangible net worth (TNW) by greater than 10% for 3 consecutive years
• At least 30% of the Board of Directors independent of the Group’s Board
• Further expansion and diversification of Barita through regional expansion

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 GoJ
• Deterioration of the capital adequacy ratio (CAR) below the specific regulatory requirement sustained for a period of 6 months
• Cost to Income ratio weakens to 75% or over
• Deterioration in TNW to Total Assets ratio to 20% or less sustained for 3 consecutive years
• Deterioration in the average credit rating of arita’s fixed-income portfolio by 2 notches for 3 financial periods

Analysts’ Cntact 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 December 5, 2024, CariCRIS reaffirmed the assigned 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
• 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 decline in the performance of BIL resulting in dividend income falling by more than 50% or fair value losses in excess of US $40 million
• 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 subsidiaries to meet any 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
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.

RATING ACTION:

On December 5, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to National Commercial Bank Jamaica Limited (NCBJ or the Bank) 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 maintained.

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 Jamaica’s credit rating, leading to an improved credit risk profile of NCBJ
• Retail deposits ≥ 40% of funding base
• Return on Equity (ROE) > 20% sustained for 2 consecutive financial years
• Cost to income ≤ 50% for 2 consecutive financial years

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

• The occurrence of any factors that may contribute to the deterioration of the Capital Adequacy Ratio (CAR) below the 12.5% minimum requirement for the Bank
• Deterioration in gross Non-Performing Loans (NPLs) to gross loans to 7.5% or more, leading to reduced earnings and increased provisioning, thereby affecting profitability
• Loans to Deposits ratio ≥ 90% for 2 consecutive financial years
• ROE < 8% over the next 12 months
• Cost to income ≥ 70% over the next 12 months

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 December 5, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to Saint Lucia Electricity Services Limited (LUCELEC or the Company) at CariBBB- (Foreign and Local Currency Ratings) on the regional 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:

• An improvement in the credit rating of the sovereign over the next 12-15 months
• Continued improvements in economic and business conditions over the next 12 months in Saint Lucia, thereby leading to increased electricity sales

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 sovereign over the next 12-15 months
• A greater than 10% decline in operating revenue sustained for 2 consecutive years
• Trade receivables turnover greater than 65 days sustained for 2 years
• Debt Service Coverage Ratio lower than 2 times sustained for 2 years
• A change in the monopoly position afforded by regulation

Analysts’ Contact Info:

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

Zwade Thompson
zthompson@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.