RATING ACTION:
On December 7, 2022, CariCRIS reaffirmed the assigned issue credit ratings of CariBBB (Local Currency Rating) on the regional scale and jmA (Local Currency Rating) on the Jamaica national scale to the J $5.8 billion bond issue of Wigton Windfarm Limited (Wigton or the Company). 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:
- Successful diversification by the Company into other renewable sources of energy or geographical markets, thereby boosting revenue stability and/or expansion.
- Improved operating efficiency, with capacity and availability metrics consistently meeting targets.
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- Breach of any of the debt covenants.
- Failure to satisfy any of the performance requirements of the Power Purchase Agreements.
RATING RATIONALE
Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the assigned issue ratings of CariBBB (Local Currency Rating) on the regional rating scale and jmA (Local Currency Rating) on the Jamaica national scale to the J $5.8 billion bond issue of Wigton Windfarm Limited (Wigton or the Company). The regional scale rating indicates that the level of creditworthiness of this obligation, adjudged in relation to other obligations in the Caribbean is adequate. The national scale ratings indicate that the level of creditworthiness of this obligation, adjudged in relation to other obligations in Jamaica is good.
CariCRIS has also maintained a stable outlook on the ratings. The stable outlook is based on our expectation of continued good performance by Wigton over the next 12-15 months, driven by the key credit drivers supporting the ratings, with all debt service commitments expected to be paid in a timely manner over the period.
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364