RATING ACTION:
On September 15, 2022, CariCRIS upgraded the assigned Issuer/Corporate Credit Ratings by 1-notch to 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:
- Deterioration of the NPLs to Gross loans ratio to 8% or more
- Deterioration of the CAR of any of the Group’s subsidiaries to below the country specific regulatory requirements
- Cost to Income ratio weakens to 75% and over
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-4356
Sharlene Gordon
Phone : 1-1876-618-9811