RATING ACTION:
On March 14, 2025, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings of CariA (Foreign & Local Currency Ratings) on the regional rating scale and jmAA (Foreign & Local Currency Ratings) on the Jamaica national scale rating to Pan Jamaica Group Limited (PJGL or the Group). 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:
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- An improvement in the ratings of the Government of Jamaica
- An improvement in the ratings of the Government of Jamaica
- A substantial improvement in the Group’s financial performance with continued improvement in PAT margins resulting in a ROA of over 10% for 3 consecutive years
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- Economic uncertainty leading to increased expenses and cost of raw materials thereby reducing the profitability of the operating lines and the Group’s GP Margin to below 25.9%
- Economic uncertainty leading to increased expenses and cost of raw materials thereby reducing the profitability of the operating lines and the Group’s GP Margin to below 25.9%
- A significant decline of 40% or greater in SGJL’s dividend income
- A sustained effective DSCR of less than 1.7 times over a 2-year period
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
[email protected]
Brandon Singh
[email protected]
www.caricris.com
[email protected]
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.