RATING ACTION:
On December 6, 2023, CariCRIS upgraded the assigned corporate credit rating by 1-notch to CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale and reaffirmed the Jamaica national scale rating of jmAA+ to Jamaica Public Service Company Limited (JPS 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 credit rating of the Government of Jamaica over the next 12 – 15 months
- Continued improvement in the economic conditions in Jamaica over the next 2 years, thereby leading to increased demand for energy
- Improved operating efficiency, with availability, heat rate and SAIDI metrics consistently meeting targets over the next 2 years
Factors that could, individually or collectively, lead to a lowering in the ratings and/or Outlook include:
- A deterioration in the credit rating of the Government of Jamaica over the next 12 – 15 months
- Failure to satisfy any existing debt covenants
- At least 2 consecutive years of declining operating profit by 10% or more
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
Kyla Balwant
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