RATING ACTION:
On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Proven Group Limited (PROVEN) at CariBBB+ (Local and Foreign Currency Ratings) on the regional scale and jmA (Local and Foreign 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:
- Cost to Income ratio improves to 75% and below.
- Improvement in financial performance leading to operating profits and PAT over FY2020-FY2022 averages of US $6.9 million and US $9.3 million respectively.
- Diversify earnings composition to limit profits from associated companies to 40% and below.
Factors that could, individually or collectively, lead to a lowering of the ratings and/ or Outlook include:
- Economic environment negatively impacting revenue streams leading to losses.
- A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors.
- Gross profit from RMCL falls by over 30%.
- Cost to Income ratio weakens to 75% and over for another year.
- Another year of reduced share of profits from JMMBGL, in line with FY2023.
Analysts’ Contact Info:
Analysts’ Contact Info:
Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com
Veeresh Ramsaroop
E-mail: vramsaroop@caricris.com
info@caricris.com
www.caricris.com
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