RATING ACTION:
On March 14, 2025, CariCRIS reaffirmed the Overall Issue Credit rating assigned to Home Mortgage Bank’s Collateralised Mortgage Obligation 2022-01 (HMB CMO 20022-01) at ttAA- (SO) (Local Currency Rating) on the Trinidad and Tobago national rating scale. A positive outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:
- Satisfactory repayment of Tranche B by January 15, 2026, with payment flows in line with or above CariCRIS’ expectations
- Sustained improvement in Trinidad and Tobago Mortgage Bank Limited (TTMB)’s asset quality which reduces the originator risk
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- Persistent deterioration in the mortgage pool quality with delinquency levels of above 10% and/ or ratio of non-performing loans (NPLs) to gross loans of above 5% within the underlying mortgage pool leading to heightened extension and/ or default risk
- Deterioration in TTMB’s NPLs to gross loans ratio to above 10.5% sustained for 2 financial periods
- Cashflow shortfalls from the mortgage pool that may impair payments of principals and interests
- Replacement of TTMB as Administrator and HMB as Registrar and Paying Agent with a lower rated counterparty
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
[email protected]
Rudra Bhimsingh
[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.