Massy Holdings Limited

RATING ACTION:

On March 14, 2025, CariCRIS reaffirmed the Issuer/Corporate Credit ratings assigned to Massy Holdings Limited and its subsidiaries (Massy or the Group) at CariAA+ (Foreign and Local Currency Ratings) on the regional rating scale and ttAA+ (Foreign and Local Currency Ratings) 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:

• An increase in profitability resulting in annualized return on assets (ROA) > 6.5% for 2 consecutive financial period
• Annualised return on capital employed (ROCE) > 16.5% for 2 consecutive financial periods
• An increase in operating cash flows leading to an improvement in effective debt service coverage ratio (DSCR) to > 6 times for 2 consecutive financial periods

Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:

• A decline in profitability resulting in annualized ROA < 5% for 2 consecutive financial periods
• Annualised ROCE < 10% for 2 consecutive financial periods
• A decline in operating cash flows leading to a deterioration in effective DSCR to < 1 time