RATING ACTION:
On December 6, 2023, CariCRIS upgraded the assigned issue credit rating by 1-notch to CariBBB+ (Local Currency Rating) on the regional rating scale and reaffirmed the Jamaica national scale rating of jmA (Local Currency Rating) to the J $5.8 billion bond issue of Wigton Windfarm Limited (Wigton 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:
- Successful diversification by the Company into other renewable sources of energy, geographical markets or unrelated streams of income, thereby boosting revenue stability and/or expansion.
- Improved operating efficiency, with capacity and availability metrics consistently meeting targets.
- Material expansion in total installed capacity resulting in a more than 10% increase in operating profit sustained for 2 years.
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- Breach of any of the debt covenants.
- Failure to satisfy any of the performance requirements of the Power Purchase Agreements
Analysts’ Contact Info:
Anelia Oudit
Mobile : 1-868-487-8364
Kyla Balwant
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