RATING ACTION:
On March 12, 2024, CariCRIS upgraded the assigned Issuer/Corporate credit rating by 1-notch to CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional rating scale and jmAA+ (Local Currency Rating) on the Jamaica national scale to The Port Authority of Jamaica (PAJ or the Authority). 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 credit rating of the sovereign over the next 12-15 months.
- A significant increase in total operating revenue or profit leading to the DSCR remaining above 2.5 times over the next 2 years.
Factors that could, individually or collectively, lead to a lowering of the ratings and/or Outlook include:
- Unexpected material changes in the terms and conditions of its concession agreements with its cargo operators due to force majeure that will negatively impact the payment of guaranteed fixed revenue to the Authority.
- A greater than 20% decline in operating revenue over the next 12-15 months that results is a reduction of the DSCR to 1.4 times or below.
Analysts’ Contact Info:
Keith Hamlet
Mobile: 1-868-487-8356
Jeffrey James
Mobile : 1-868-713-5987
Disclaimer: CariCRIS has taken due care and caution in 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.