RATING ACTION:
On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Endeavour Holdings Limited at CariA (Local and Foreign Currency Ratings) on the regional scale and ttA (Local Currency Rating) on the Trinidad and Tobago national 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:
- An improvement in the ratings of the Government of Trinidad and Tobago.
- PAT, excluding FV and revaluation gains/losses, increases by 8% or more for at least 2 consecutive years.
- Occupancy levels rising to above 95% sustained for 2 years.
- Acquisition of additional properties, further diversifying EHL’s asset base.
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- An increase in rental expenses to 40% or more of rental income leading to a material decline in operating profits.
- Occupancy levels declining to below 80%.
- Breach of any of the bond’s financial covenants for 2 consecutive years.
- A fall in the effective DSCR to below 1.5 times for 2 consecutive years.
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
info@caricris.com
www.caricris.com
Disclaimer:CariCRIS has taken due care and caution in the 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.