RATING ACTION:
On June 18, 2026, CariCRIS upgraded by 1 notch the Issuer/Corporate Credit Ratings assigned to Cornerstone Financial Holdings Limited (CFHL or the Company) to 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 stable outlook was assigned.
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 risk profile of the Government of Jamaica (GoJ)
- An improvement in the credit risk profile of the Barita Group of Companies (Barita)
- Return on Earning Assets (ROEA) > 5%, sustained for 2 financial years
- Total Earning Assets (TEA)/ Total Interest-Bearing Liabilities (TIBL) > 3 times, sustained for 2 financial years
- Further enhancements to corporate governance through the inclusion of independent directors
Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:
- A deterioration in the credit risk profile of the GoJ
- A deterioration in the credit risk profile of Barita
- ROEA < 2%, sustained for 2 financial years
- TEA/TIBL < 2.5 times, sustained for 2 financial years
- Inability of CFHL’s regulated subsidiaries to meet any capital adequacy requirements, sustained for 6 months
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
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.01