PBS Technologies (Trinidad) Limited

RATING ACTION:

On June 13, 2025, CariCRIS upgraded the Issuer/Corporate Credit ratings assigned to PBS Technologies (Trinidad) Limited (PBSTTL or the Company) by 1 notch to CariA (Foreign Currency Rating) and CariA+ (Local Currency Rating) on the regional rating scale, and ttA (Foreign Currency Rating) and ttA+ (Local Currency Rating) on the Trinidad and Tobago national scale. A stable outlook was assigned.

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RATING SENSITIVITY FACTORS:

Factors that could, individually or collectively, lead to an improvement in the Ratings and/ or Outlook include:

• A return on assets (ROA) of 10% or above for 2 consecutive years
• Interest coverage ratio of 5 times or more for 2 consecutive years

Factors that could, individually or collectively, lead to a lowering of the Ratings and/ or Outlook include:

• A decline in the Gross Profit Margin to 35% or below for 1 year
• A weakening of interest cover to below 2 times
• A deterioration in debt/ tangible net worth (TNW) to more than 1.5 times
• Material deviation of PBSTTL’s audited financial accounts for 2024 from management accounts presented, resulting in a lower debt service coverage ratio (DSCR) and effective DSCR to less than 1 time and 2.5 times, respectively
• A demand by the Company’s parent, PBS, on its promissory note leading to an adverse impact on the Company’s cash flow adequacy and financial flexibility
• Deterioration in the sovereign risk profiles of the countries in which the Company operates