Sygnus Credit Investments Limited

RATING ACTION:

On June 13, 2025, 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 positive outlook was assigned.

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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 profit margin to 60% or more
• SCI’s ability to attract and retain lower-cost funding to below 6% and/or improvement in the net interest rate spread to over 2% over the next 12-15 months
• ROEA increases to 4.5% over the next 12 to 15 months

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 1.2 times or above 50% respectively, for 2 consecutive financial years
• A sustained decrease in the net interest spread earned on investments to less than 1% for 2 consecutive financial years

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