RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to The Jamaica National Group Limited (JN Group 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 scale. A negative 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:

• 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 Company’s ROEA to 1.2% sustained for 2 consecutive years
• Improvement in the 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
• 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
• Deterioration in the Group’s asset quality with NPL ratio of 4.5% or above 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 Company’s gearing ratio to above 3 times
• Deterioration in the Company’s ROEA to -10% sustained for 1 year
• Deterioration in the Company’s cost-to-income ratio to 100% or above for at least 1 year

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

RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Overall Issue Rating assigned to the TT $200 million Collateralized Mortgage Obligation of Home Mortgage Bank (CMO 2019-01) at ttAA- (SO) (Local Currency Rating) on the Trinidad and Tobago national rating scale. A stable outlook was maintained.

Read Full Rationale Here.

RATING SENSITIVITY FACTORS:

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

• An improvement in the loan portfolio quality, with a non-performing loan (NPL) ratio of lower than 3% sustained for 2 years
• A return to delinquency levels of 2% – 4% within the underlying mortgage pool over the next 12-15 months

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

• Persistent and further deterioration in the mortgage pool quality with delinquency levels of above 22% 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
• Consistent cash flow shortfalls in the underlying mortgage pool over the next 12-15 months that may impair payments of principals and interests
• A deterioration in the credit risk profile of the Government of the Republic of Trinidad and Tobago (GORTT) leading to increased market risk

Analysts’ Contact Info:

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

Rudra Bhimsingh
E-mail: rbhimsingh@caricris.com

info@caricris.com
www.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.