RATING ACTION:
On December 5, 2024, CariCRIS reaffirmed the assigned issue ratings of 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 assigned.
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
- PAT, excluding FV and revaluation gains/losses increases by 8% or more for at least 2 consecutive years
- Occupancy levels rising to above 95%
- Acquisition of additional properties, further diversifying EHL’s asset base
Factors that could, individually or collectively, lead to a lowering of the ratings/ or outlook include:
- An increase in rental expenses to 40% or more of rental income leading to a material decline in operating profits
- Occupancy levels declining to below 80%
- Breach of any of the bond’s financial covenants for 2 consecutive years
- 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
[email protected]
Brandon Singh
[email protected]
www.caricris.com
[email protected]
Disclaimer: CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published / reproduced in any form without CariCRIS’ prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this product.