The National Gas Company of Trinidad and Tobago Limited

RATING ACTION:

On March 12, 2024, 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 Rating) 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 of the rating and/or outlook:

  • 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

Factors that could, individually or collectively, lead to a lowering of the rating and/or outlook:

  • A fall in gross margins to below 15% for 2 consecutive years
  • A fall in the DSCR to <1 time for 2 consecutive years leading to a deterioration in the ability to service its amortised debt payments
  • A significant decline in international prices of ammonia/ methanol, leading to a material decline in revenue to > 20%
  • Inability to monetize receivables from T&TEC which could constrain NGC’s cash flows
  • Deterioration in the CariCRIS credit rating of the GoRTT

 

Analysts’ Contact Info:

Keith Hamlet
Mobile : 1-868-487-8356

[email protected]   

 

Kyla Balwant

[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.