RATING ACTION:
On December 7, 2022, CariCRIS reaffirmed the assigned issue ratings at CariA (Local and Foreign Currency Ratings) on the regional scale and ttA (Local Currency Rating) on the Trinidad and Tobago national scale to the TT $400 million bond issue of Endeavour Holdings Limited (EHL 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 Trinidad and Tobago
- Occupancy levels rising to above 95%
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- A 10% decline in annual rental income
- Occupancy levels declining to below 75%
- The inability to refinance the bond/balloon payment by March 2023 and breach of any of its financial covenants thereafter for 2 consecutive years form FY2023/23
- A fall in the effective DSCR to below 1.5 times for 2 consecutive years
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
Brandon Singh