RATING ACTION:

On May 15, 2026, CariCRIS assigned Initial Issuer/Corporate Credit Ratings to South Jamaica Power Company Limited (SJPC or the Company) at CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional rating scale, and jmA+ (Foreign Currency Rating) 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 sovereign
• An improvement in the credit rating of the Ultimate Parent
• Return on Assets (ROA) > 5%, sustained for 2 financial years
• Effective Debt Service Coverage Ratio (DSCR) > 3.4 times, sustained for 2 financial 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 sovereign
• A deterioration in the credit rating of the Ultimate Parent
• A reduction in the Ultimate Parent’s shareholding to below 50%
• Failure to satisfy any existing debt covenants
• Failure to refinance upcoming debt maturities
• ROA < 3%, sustained for 2 financial years
• A reduction in dependable capacity and net energy output below the minimum required for break-even operations and adequate debt servicing
• Effective DSCR < 1 time

Analysts’ Contact Info:

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

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

RATING ACTION:

On May 5, 2026, CariCRIS assigned the Issuer/Corporate Credit ratings to ANSA McAL Limited at 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. 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:

• Improvement in the credit rating of the Government of the Republic of Trinidad and Tobago.
• A sustained reduction in sovereign exposure to T&T to below 50% of 3rd party revenues.
• An improvement in the gross profit (GP) margin to 35% or above sustained for 2 years.
• Expansion initiatives deliver strong returns with EBITDA margin and/or Group PAT increasing above 18% and 7% respectively.
• An improvement in the Group’s NPL levels to 6.8% or below, sustained for 2 years.

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

• Downgrade in the rating of the Government of the Republic of Trinidad and Tobago.
• A sustained economic downturn in any of the Group’s key operating markets that results in a material deterioration in AMCL’s earnings performance for 2 consecutive years.
• A weakening in the GP margin to 25% or below for 2 years.
• A deterioration in the total borrowings (TB)/tangible net worth and/or TB/adjusted total assets ratios above 0.8 times and 20% respectively.
• A deterioration in the Group’s NPL levels to 10% or above, sustained for 2 years.
• Failure to meet financial covenants.

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

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 27, 2026, 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.

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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 increase in profitability resulting in annualised return on assets (ROA) > 6.5% for 2 consecutive financial periods
• 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 annualised ROA < 5% for 2 consecutive financial periods
• Annualised ROCE < 10% for 2 consecutive financial periods
• Any occurrence of a decline in operating cash flows leading to a deterioration in effective DSCR to < 1 time

Analysts’ Contact Info:

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

Shabanna Seetaram
E-mail: sseetaram@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 27, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Island Car Rentals Limited (ICR or the Company) at CariBBB- (Foreign & Local Currency Ratings) on the regional scale and jmBBB+ (Foreign & Local Currency Ratings) 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 to the ratings of the Government of Jamaica
• Operating profit margin increases to 45% or above, sustained over 2 consecutive years.
• Further improvements to the Company’s corporate governance structure alongside the full implementation of the Enterprise Risk Management (ERM) Framework.
• 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
• Operating profit margin declines to 30% or below, sustained over 2 consecutive years.
• An increase in cost to income ratio above 75%
• Non-receipt of audited statements for FY2024 and FY2025 by June 2026.
• A breach of financial covenants under the existing loan facility that requires a waiver from the lender.

Analysts’ Contact Info

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

Rashi Wright
E-mail: rwright@caricris.com

info@caricris.com

RATING ACTION:

On March 27, 2026, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Trinidad and Tobago Unit Trust Corporation (TTUTC) at CariAA (Foreign and Local Currency Ratings) on the regional rating scale, and ttAA (Local Currency Rating) on the Trinidad and Tobago national scale. A stable outlook was maintained.

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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 ROE and ROEA of 5% and 1.5% 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 deterioration in the credit quality of the fixed-income portfolios below investment grade.
• A 15% or higher reduction in FUM sustained for 3 consecutive years.
• A reduction in total investment income to average earning assets to 1.5% sustained for 3 consecutive years.

Analysts’ Contact Info:

Keith Hamlet
Tel: 1-868-487-4356
E-mail: khmalet@caricris.com

Sharlene Gordon
Tel: 1-876-564-5230
E-mail: sgordon@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.