RATING ACTION:
On March 16, 2023, CariCRIS reaffirmed the Issuer/Corporate Credit ratings CariAA+ (Foreign and Local Currency Ratings) on its regional rating scale and ttAA+ (Foreign and Local Currency Ratings) on its Trinidad and Tobago national rating scale assigned to Massy Holdings Limited and its subsidiaries (Massy or the Group). A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the ratings and/or outlook include:
- Continued intraregional and extra-regional expansion resulting in an increase in operating revenue by > 15% for 2 consecutive financial periods
- An improvement in operating profit margin to > 12.5% for 2 consecutive financial periods
- An increase in operating cash flows leading to an improvement in effective DSCR to > 7.5 times for 2 consecutive financial periods
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- A deterioration in operating profit margin to < 5% for 2 consecutive financial periods
- A decline in operating cash flows leading to a deterioration in effective DSCR to < 1.2 times for 2 consecutive financial periods
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
Megan Dass
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