RATING ACTION:
On March 14, 2025, CariCRIS reaffirmed the ratings currently assigned to the US $400 million debt issue of CariAA (Foreign and Local Currency Ratings) on the regional rating scale, and ttAA (Foreign and Local Currency Ratings) on the Trinidad and Tobago national scale to The National Gas Company of Trinidad and Tobago Limited (or the Company). 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 CariCRIS credit rating of the GoRTT
- An improvement in the CariCRIS credit rating of the GoRTT
- An increase in the DSCR to >5 times sustained for 2 years leading to an improvement in the ability to service its amortised debt payments
- A substantial decline in receivables from T&TEC leading to significant improvement in NGC’s cash flows
Factors that could, individually or collectively, lead to a lowering of the ratings and/or outlook include:
- A fall in gross profit margin to below 15%
- A fall in gross profit margin to below 15% • A fall in the interest cover to < 1 time and/or effective DSCR to <1.5 times leading to a deterioration in the ability to service its interest and/or amortised debt payments
- A sustained decline in international prices of ammonia/ methanol, leading to a material fall in PAT margin to below 1% due to significantly lower revenue
- Inability to monetize receivables from T&TEC, significantly constraining NGC’s cash flows
- Deterioration in the CariCRIS credit rating of the GoRTT
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
[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.