JMMB Group Limited

RATING ACTION:

On September 20, 2024, CariCRIS reaffirmed the assigned Issuer/Corporate Credit Ratings of CariA- (Regional Local Currency) and CariBBB+ (Regional Foreign Currency) and jmAA- (Local Currency) and jmA+ (Foreign Currency) on the Jamaica national scale for JMMB Group Limited. 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:
  • Improvement in the Government of Jamaica’s (GOJ) credit rating, reflecting a more favourable business environment for the Group
  • Growth in PAT of 15% or more for 3 consecutive years without any adverse impacts on regulatory capital ratios
  • Growth in TNW by greater than 15% for 3 consecutive years
  • Regional expansion initiatives that lead to an improvement in the Group’s market position in its key business segments

Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:

  • NPL ratio sustained above 8% for another year
  • Deterioration of the CAR of any of the Group’s subsidiaries to below the country specific regulatory requirements
  • Cost to Income ratio weakens to 90% and over
  • Further deterioration in PAT by 15% or more for another consecutive year

Analysts’ Contact Info:

Keith HamletKeith Hamlet
Sharlene Gordon
Phone : 1-1876-618-9811
www.caricris.com
Disclaimer: CariCRIS has taken due care and caution in the 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.