RATING ACTION:
On December 5, 2024, CariCRIS reaffirmed the assigned ratings of CariBBB+ (Foreign and Local Currency Ratings) on the regional rating scale, and jmA (Foreign and Local Currency Ratings) on the Jamaica national scale to PROVEN Group Limited (PROVEN or the Group). A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement of the rating and/or outlook:
- 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 $20.1 million respectively
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:
- Economic environment negatively impacting revenue streams leading to losses
- Increase in PROVEN’s stand-alone debt to equity ratio to above 2 times
- A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors
- Gross profit from RMCL falls by over 44.7%
• A 90% decline in share of profits from associated companies
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
[email protected]
Jeffrey James
Mobile : 1-868-713-5987
[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.