RATING ACTION:
On June 28, 2024, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Bourse Securities Limited (BSL or the Company) at CariA (Foreign and Local Currency Ratings) on the regional scale and ttA (Local Currency Rating) on the Trinidad and Tobago national scale. A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:
- Improving business conditions and company performance resulting in an increase in Profit After Tax (PAT) by 15% sustained for 3 financial years
- An increase in net interest spread to at least 2% sustained for 3 financial years
- An increase in Tangible Net Worth (TNW) by 15% sustained for 3 financial years
- Further reduction in its funding concentration risk such that less than 40% of BSL’s funding is derived from its top 10 clients sustained for 2 financial years
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- A deterioration in the credit rating of the sovereign over the next 12 to 15 months leading to increased liquidity pressures
- A decline in PAT by 15% sustained for 2 financial years
- Funding withdrawals from its top 3 institutional investors
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
[email protected]
Megan Dass
Mobile: 1-868-713-6863
[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.