RATING ACTION:
On December 4, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Wigton Energy Limited at CariBBB+ (Local Currency Rating) on the regional scale and jmA (Local Currency Rating) on the Jamaica 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:
- Successfully diversifying into other renewable sources of energy, geographical markets or unrelated streams of income, thereby boosting revenue stability and/or expansion.
- Improved operating efficiency, with capacity and availability metrics consistently meeting targets.
- Continued improvement in the economic conditions in Jamaica over the next year, thereby leading to increased demand for energy resulting in a more than 7% increase in operating profit sustained for 2 years.
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- Breach of any of the debt covenants.
- Failure to satisfy any of the performance requirements of the Power Purchase Agreements.
- A more than 15% decline in total operating revenues due to weather related disruptions resulting in the profit margin falling below 10.5%.
- A more than 35% increase in total operating expenses leading to PAT falling by more than 73%
- Inability to refinance or fully repay the bullet payment at maturity
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
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