RATING ACTION:
On June 18, 2026, CariCRIS reaffirmed the Corporate/Issuer Credit ratings assigned to Sygnus Credit Investments Limited at CariBBB- (Foreign and Local Currency Ratings) on the regional rating scale and jmBBB+ (Foreign and Local Currency Ratings) on the Jamaica national rating scale. A stable outlook was assigned.
Download Full Rationale | Download Rating Release
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement of the rating and/or outlook:
- Improving business conditions over the next 12-15 months, thereby leading to an increased client base and sustained earnings growth as evidenced by growth in operating profit margin to 60% or more, for another year.
- SCI’s ability to attract and retain lower cost funding to below 6% and/or improvement in the net interest rate spread to over 2% over the next 12-15 months
- ROEA increases to over 4.5%, sustained for 2 consecutive years.
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:
- Deterioration of asset quality as measured by the non-performing investment ratio to 8% or more, sustained for 2 consecutive years
- Increase of SCI’s debt to TNW and/or total debt to total assets ratio to over 1.2 times or above 50% respectively for 2 consecutive financial years, calculated as per SCI’s Investment Policy.
- A sustained decrease in the net interest spread earned on investments to less than 1% for another financial year.
Analysts’ Contact Info:
Anelia Oudit
Tel: 1-868-487-8364
E-mail: aoudit@caricris.com
Brandon Singh
E-mail: bsingh@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.