RATING ACTION:
On December 7, 2022, CariCRIS reaffirmed the assigned Issuer/Corporate Credit ratings at CariA- (Foreign & Local Currency Ratings) on the regional scale and jmAA- (Foreign & Local Currency Ratings) on the Jamaica national scale to PanJam Investment Limited (PanJam 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:
- An improvement in the ratings of the Government of Jamaica
- A sustained improvement in effective DSCR of more than 3 times over a 2-year period
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- Fall in occupancy below the break-even level of 50%
- Continued economic uncertainty leading to ongoing losses in investment income and a pause on ongoing construction projects which can results in a fall in total operating revenue by over 45%
- 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:
Anelia Oudit
Mobile : 1-868-487-8364
Jeffrey James