RATING ACTION:
On March 12, 2024, CariCRIS upgraded the assigned Issuer/Corporate Credit ratings by 1-notch to 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:
- 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/or outlook include:
- Continued economic uncertainty leading to ongoing losses in investment income and a reduction in the profitability of the new operating lines which results in the Group incurring operating losses
- A significant decline of 50% or greater in SGJL’s dividend income
- A sustained effective DSCR of less than 1.5 times over a 2-year period
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
Jeffrey James
Mobile : 1-868-713-5987
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