RATING ACTION:
On September 15, 2022, CariCRIS reaffirmed the assigned ratings of CariAA- (Foreign and Local Currency Ratings) on the regional rating scale and jmAAA (Local Currency Rating) on the Jamaican national scale for Guardian Holdings Limited. 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:
- Expansion of the Group’s product and service offerings and/or improvements in operating efficiencies leading to a sustained increase in PAT of 20% or more for more than 2 years.
- An improvement in the credit rating of the Government of The Republic of Trinidad and Tobago.
Factors that could, individually or collectively, lead to a lowering of the ratings/or outlook include:
- A fall in GHL’s dividend receipts from the Group’s subsidiaries leading to a fall in the cash flow adequacy ratio below 1 time sustained for 3 financial periods.
- A lowering of the ratings of any of the Group’s top 5 reinsurers.
- A lowering of the credit rating of the Government of The Republic of Trinidad and Tobago.
- Breach of covenants stipulated in the final term sheet/ prospectus for the bond offering.
- Re-emergence of regulatory constraints on dividends payable by GHL’s major operating subsidiaries.
Analysts’ Contact Info:
Keith Hamlet
Mobile : 1-868-487-4356
Sultan Mohammed
Mobile : 1-1868-362-7304