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.

RATING ACTION:

On December 4, 2025, 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. 

 Read Full Rationale Here

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 deterioration in Return on Assets (ROA) to 4.5% or lower sustained for 2 consecutive years
• Trade receivables turnover greater than 65 days sustained for 2 years
• Debt Service Coverage Ratio (DSCR) lower than 2 times sustained for 2 years
• A change in the monopoly position afforded by regulation

Analysts’ Contact Info:

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

Shabanna Seetaram
E-mail: sseetaram@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.

RATING ACTION:

On December 4, 2025, CariCRIS downgraded the Issuer/Corporate Credit Ratings assigned to NCB (Cayman) Limited (NCBKY or the Company) by 1 notch to CariA- (Foreign and Local Currency Ratings) on the regional rating scale. A stable outlook was assigned.

Download Full Rating Rationale 

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
• 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 20% or more sustained for 2 financial years

Analysts’ Contact Info:

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

Shabanna Seetaram
E-mail: sseetaram@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.

RATING ACTION:

On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit Ratings assigned to General Accident Insurance Company Jamaica Limited (GENAC or the Company) at jmA- (Foreign Currency Rating) and jmA (Local Currency Rating) on the Jamaica national rating scale. A stable outlook was maintained.

Download Full Rating Rationale 

RATING SENSITIVITY FACTORS:

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

• A reduction in the share of equity holdings to 25% or less of the investment portfolio sustained for 2 years
• Yield on invested assets ≥ 15% sustained for 2 years
• Return on Earning Assets (ROEA) ≥ 15% sustained for 2 years
• Return on Equity (ROE) ≥ 20% sustained for 2 years
• Minimum Capital Test (MCT) Ratio ≥ 200% sustained for 6 months
• Total Investment Assets/ Policy Liabilities > 1.2 times sustained for 2 financial periods

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

• An increase in the share of equity holdings to 50% or more of the investment portfolio sustained for 2 years
• Yield on invested assets ≤ 8% sustained for 2 years
• ROEA ≤ 3% sustained for 2 years
• ROE ≤ 5% sustained for 2 years
• A 2-notch deterioration of the credit rating of any of GENAC’s top 5 reinsurers by A.M. Best or S&P Global
• Loss of relationship with any of the Company’s major reinsurers and failure to provide viable replacements
• A deterioration of the Company’s MCT Ratio below regulatory minimum sustained for 6 months
• Total Investment Assets/ Policy Liabilities < 0.3 times sustained for 2 financial periods

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

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.