RATING ACTION:
On August 29, 2022, CariCRIS reaffirmed the assigned Issuer/ Corporate Ratings of CariBBB- (Local Currency Rating) on the regional scale and jmBBB+ (Local Currency Rating) and jmBBB (Foreign Currency Rating) on the Jamaica national scale to Victoria Mutual Investments Limited (VMIL or the Company). A stable outlook was maintained.
RATING SENSITIVITY FACTORS:
Factors that could, individually or collectively, lead to an improvement of the ratings and/ or Outlook include:
- Expansion of the Group’s product and service offerings and/or improvements in net interest spreads leading to a sustained increase in PAT of 10% or more for 1 year
- An improvement in the credit rating of the Government of Jamaica
- Less than 25% of VMIL’s (the Company) revenue is derived from dividend income as overall revenue from investments and loans increases sustained for 2 financial periods
Factors that could, individually or collectively, lead to a lowering of the ratings and/ or Outlook include:
- Deterioration in VMWM’s total capital to total assets ratio to 7.5% or lower
- A deterioration of VMWM’s capital base to risk-weighted assets ratio to 12.5% or lower
- A lowering of the credit rating of the Government of Jamaica
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-8356
Maxwell Gooding