RATING ACTION:

 On September 20, 2024, CariCRIS reaffirmed the Issuer/Corporate Ratings assigned to NCB Capital Markets Limited (NCBCML or the Company) at CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional 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 of the ratings and/or outlook include:

• Improving profitability by 10% or more for 2 consecutive periods as a result of higher income earned from its asset management and investment banking segments
• Improvement in 1-year Liquidity Gap ratio to 35% or better for two consecutive years
• Improvement in the Government of Jamaica’s (GoJ) credit rating leading to an improved credit risk profile of National Commercial Bank Jamaica Limited (NCBJ or the Parent)
• Growth in Tangible Net Worth (TNW) by 15% or more for 2 consecutive financial periods

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

• Worsening of NCBCML’s short-term J$ liquidity measures over a 24-month period
• A downgrade in the GoJ’s credit rating leading to a deteriorated credit risk profile of NCBJ
• A reduction in NCBCML’s capital adequacy ratio to below the Systematically Important Financial Institution (SIFI) regulatory minimum of 14%
• A Reduction in Profit After Tax (PAT) by 15% or more for 1 financial year
• A contraction in TNW/total assets ratio to 10% or less for 2 consecutive financial periods

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 September 20, 2024, CariCRIS upgraded by one notch the Issuer/Sovereign Credit ratings to CariA- (Foreign and Local Currency Ratings) on its regional rating scale assigned to the The Government of Anguilla (GOA). A stable outlook was maintained.

 RATING SENSITIVITY FACTORS:

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

• Annual real GDP growth in excess of 5% sustained for at least 2 years.
• A fiscal surplus of more than 5% of GDP recorded for at least 2 consecutive fiscal periods, with no breaches of debt metrics.
• Meaningful diversification of the economy into sustainable productive sectors (i.e., not directly related to Tourism) that adds at least 10% to real GDP over two consecutive years.

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

• An increase in debt to GDP ratio to above 50%.
• A change in the country’s status as a British Overseas Territory or a material change in the level of support rendered to Anguilla.
• The banking sector’s capitalization ratio falling below 8%.

Analysts’ Contact Info:

Stefan Fortuné
Phone: 1-868-799-6751 (m)
sfortune@caricris.com

Candace Williams
Phone : 1-868-713-6973 (m)
cwilliams@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 20, 2024, CariCRIS reaffirmed the assigned Issuer/Corporate Credit Ratings of CariA (Local Currency Rating) and CariA- (Foreign Currency Rating) on the regional rating scale and 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 12%
• A breach in the financial covenants

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 September 20, 2024, CariCRIS reaffirmed the assigned ratings of CariAA- (Foreign and Local Currency Ratings) on the regional rating scale and jmAAA (Local Currency Rating) on the Jamaican national scale for Guardian Holdings Limited (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:

• Expansion of the Group’s product and service offerings and/or improvements in operating efficiencies leading to a sustained increase in PAT of 20% or more for more than 2 years.
• An improvement in the credit rating of the Government of The Republic of Trinidad and Tobago.

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

• A fall in GHL’s dividend receipts from the Group’s subsidiaries leading to a fall in the cash flow adequacy ratio below 1 time sustained for 3 financial periods.
• A lowering of the ratings of any of the Group’s top 5 reinsurers.
• Loss of relationship with any of the Group’s major reinsurers and failure to provide viable replacements.
• A lowering of the credit rating of the Government of The Republic of Trinidad and Tobago.
• Breach of covenants stipulated in the final term sheet/prospectus for the bond offering.
• Re-emergence of regulatory constraints on dividends payable by GHL’s major operating subsidiaries.

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 20, 2024, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings of CariA- (Foreign and Local Currency Ratings) on the regional rating scale, and ttA- (Foreign and Local Currency Ratings) on the Trinidad and Tobago national scale to Home Mortgage Bank (HMB). A stable outlook was assigned.

 RATING SENSITIVITY FACTORS:

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

• An improvement in the credit rating of the sovereign over the next 12-15 months
• Improvement in HMB’s interest spread to > 3%, sustained over a 3-year period
• NPLs/Gross loans improve to 5% or below sustained over the next 12-15 months

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

• A deterioration in the credit rating of the sovereign over the next 12-15 months
• A sustained increase in the cost of funds by 100 bps or greater over the next 12-15 months
• NPLs >9% over the next 12-15 months
• A deterioration of the total earning assets/ total interest-bearing liabilities ratio to < 1 time

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.

On September 20, 2024, CariCRIS assigned Issuer/Corporate Credit ratings of CariAA- (Foreign and Local Currency Ratings) on the regional scale and ttAA- (Local Currency Ratings) on the Trinidad and Tobago national scale to the Trinidad and Tobago Mortgage Bank Limited (TTMB 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 sovereign over the next 12-15 months
• A 50% or greater decrease in funding costs over the next 12 months, resulting in a material expansion in the net interest spread by over 300 basis points.
• Improvement in net interest spread to > 4.8%, sustained over a 3-year period

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

• A deterioration in the credit rating of the sovereign over the next 12-15 months
• A rise in the cost to income ratio to 59% or greater
• A sustained increase in funding costs by 100 basis points or greater over the next 12 months, resulting in a material contraction in net interest spreads by over 200 basis points
• A material reduction (50% or greater) in or complete withdrawal of subsidized funding from Government of the Republic of Trinidad and Tobago (GORTT).
• NPL/Gross Loans greater than 8% for 2 consecutive years

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.

On September 20, 2024, CariCRIS assigned Issuer/Corporate Credit ratings of CariAA- (Foreign and Local Currency Ratings) on the regional scale and ttAA- (Local Currency Ratings) on the Trinidad and Tobago national scale to the Trinidad and Tobago Mortgage Bank Limited (TTMB 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 sovereign over the next 12-15 months
• A 50% or greater decrease in funding costs over the next 12 months, resulting in a material expansion in the net interest spread by over 300 basis points.
• Improvement in net interest spread to > 4.8%, sustained over a 3-year period

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

• A deterioration in the credit rating of the sovereign over the next 12-15 months
• A rise in the cost to income ratio to 59% or greater
• A sustained increase in funding costs by 100 basis points or greater over the next 12 months, resulting in a material contraction in net interest spreads by over 200 basis points
• A material reduction (50% or greater) in or complete withdrawal of subsidized funding from Government of the Republic of Trinidad and Tobago (GORTT).
• NPL/Gross Loans greater than 8% for 2 consecutive years

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.

On September 20, 2024, CariCRIS assigned Issuer/Corporate Credit ratings of CariAA- (Foreign and Local Currency Ratings) on the regional scale and ttAA- (Local Currency Ratings) on the Trinidad and Tobago national scale to the Trinidad and Tobago Mortgage Bank Limited (TTMB 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 sovereign over the next 12-15 months
• A 50% or greater decrease in funding costs over the next 12 months, resulting in a material expansion in the net interest spread by over 300 basis points.
• Improvement in net interest spread to > 4.8%, sustained over a 3-year period

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

• A deterioration in the credit rating of the sovereign over the next 12-15 months
• A rise in the cost to income ratio to 59% or greater
• A sustained increase in funding costs by 100 basis points or greater over the next 12 months, resulting in a material contraction in net interest spreads by over 200 basis points
• A material reduction (50% or greater) in or complete withdrawal of subsidized funding from Government of the Republic of Trinidad and Tobago (GORTT).
• NPL/Gross Loans greater than 8% for 2 consecutive years

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 September 20, 2024, CariCRIS upgraded the ratings assigned to Home Mortgage Bank’s Collateralized Mortgage Obligation – CMO 2020-01 by 1-notch to ttAA-(SO) (National Local Currency Ratings) on the Trinidad & Tobago 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 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 D 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

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 September 20, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to NCB Capital Markets (Barbados) Limited (NCBCM Barbados, NCBCMBL or the Company) at CariBBB+ (Foreign and Local Currency Ratings) on its regional 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:

• Improvement in the credit risk profile of NCB Capital Markets Limited, the Parent
• Improvement in profitability over the next 12 to 15 months supported by earnings from the Eastern Caribbean region
• Successful roll-out of new services leading to further diversity in income-earning capability
• An improvement in the Tangible Net Worth (TNW) to total assets ratio to 18%

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

• Significant deterioration in the credit risk profiles of the Government of Jamaica and/or the Government of Barbados
• Deterioration in the credit risk profile of the Parent
• Deterioration in Return on Earning Assets (ROEA) to below 1% sustained for 2 financial years
• Deterioration in Return on Equity (ROE) to below 15% sustained for 2 financial years
• Deterioration in the TNW to total assets ratio to below 10%
• Deterioration in the ratio of total earning assets to interest-bearing liabilities to below 1 time

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.