RATING ACTION:
On March 12, 2024, CariCRIS reaffirmed the assigned rating of jmA (Foreign Currency Rating) on the Jamaica national scale to the US $160 million bond issue of JMMB International Limited. 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 GOJ’s credit rating over the next 12-15 months
- An improvement in the credit rating of JMMBIL’s parent JMMB Group Limited
- Growth in PAT of 15% or more for 3 consecutive years
- Growth in TNW by greater than 15% for 3 consecutive years
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- A deterioration in the GOJ’s credit rating over the next 12-15 months
- A lowering of the ratings of JMMBIL’s parent, JMMB Group Limited
- Breach of any of the bond covenants including a deterioration below the capital regulatory requirements of any of the operating subsidiaries in their respective jurisdictions
- Failure of JMMBGL to fulfil its role as guarantor if called upon to do so
- Decline in PAT of 15% or more for 3 consecutive years
- Decline in TNW by greater than 15% for 3 consecutive years
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
[email protected]
Sharlene Gordon
Phone : 1-876-618-9811
[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.