RATING ACTION:
On June 28, 2024, CariCRIS reaffirmed the assigned Issuer/Corporate Credit Ratings of CariBBB- (Foreign and Local Currency Ratings) on the regional rating scale, and jmBBB+ (Foreign and Local Currency Ratings) on the Jamaica national scale to Sygnus Credit Investments Limited (SCI or the Company). A stable outlook was assigned.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement in the rating and/or outlook:
- Improving business conditions over the next 12-15 months, thereby leading to an increased client base and sustained earnings growth as evidenced by growth in operating profits by 10% or more for 2 consecutive years.
- Further diversity in asset class through the successful launch of new products
- SCI’s ability to attract and retain lower cost funding
Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:
- Deterioration of asset quality as measured by the non-performing investment ratio to 8% or more, sustained for 2 consecutive years
- Increase of SCI’s debt to TNW and/or total debt to total assets ratio to over 1.25 times or above 50% respectively for 2 consecutive financial years
- Cost to Income ratio weakens to 50% and over
- A sustained decrease in the net interest spread earned on investments to less than 1% for 2 consecutive financial years
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-8356
[email protected]
Brandon Singh
[email protected]
www.caricris.com
[email protected]
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.