RATING ACTION:
On March 16, 2023, CariCRIS reaffirmed the assigned ratings at jmBBB (Foreign & Local Currency Rating) on the Jamaica national scale to the J $2.2 billion debt issue of Island Car Rentals Limited (ICR or the Company). A positive 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 to the ratings of the Government of Jamaica
- A 10% or greater annual increase in car rental income sustained for another year
- A DSCR of more than 2.5 times sustained over the next 12-15 months
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- A deterioration to the ratings of the Government of Jamaica
- Total operating revenue growth slows below 10% over the next 12-15 months
- An 8% or greater rise in total operating expenses
- Failure to satisfy the minimum DSCR requirement
- Inability to refinance or fully repay the J $2.2 billion bond issue at maturity
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
Kyla Balwant