RATING ACTION:
On June 15, 2023, CariCRIS reaffirmed the assigned rating of jmA (Foreign Currency Rating) on the Jamaica national scale to the US $160 million bond issue of JMMB International 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:
- An improvement in the GOJ’s credit rating over the next 12-15 months
- An improvement in the credit rating of JMMBIL’s parent JMMB Group Limited
- Growth in PAT of 15% or more for 3 consecutive years
- Growth in TNW by greater than 15% for 3 consecutive years
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- A deterioration in the GOJ’s credit rating over the next 12-15 months
- A lowering of the ratings of JMMBIL’s parent, JMMB Group Limited
- Breach of any of the bond covenants including a deterioration below the capital regulatory requirements of any of the operating subsidiaries in their respective jurisdictions
- Failure of JMMBGL to fulfil its role as guarantor if called upon to do so
- Decline in PAT of 15% or more for 3 consecutive years
- Decline in TNW by greater than 15% for 3 consecutive years
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
Sharlene Gordon
Phone: 1-876-618-9811