RATING ACTION:
On March 12, 2024, CariCRIS upgraded the assigned credit ratings by 1-notch to CariA+ (Local Currency Rating) and CariA (Foreign Currency Rating) on the regional rating scale and reaffirmed the Jamaica national scale rating of jmAAA to Sagicor Group Jamaica Limited (SGJ or the Company). 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 increase in CariCRIS’ internal ratings assigned to the sovereign, driven by continued favourable improvements in the macroeconomic environment of Jamaica resulting in a lowering of the debt/GDP ratio of the sovereign.
Factors that could, individually or collectively, lead to a lowering in the ratings and/or Outlook include:
- A greater than 15% increase in insurance service expenses leading to lower financial performance of SLJ.
- A 21% rise in operating expenses.
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-8356
Kyla Balwant
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.