{"id":1732,"date":"2025-03-25T19:03:39","date_gmt":"2025-03-25T23:03:39","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1732"},"modified":"2025-04-24T19:04:36","modified_gmt":"2025-04-24T23:04:36","slug":"the-jamaica-national-group-limited-2","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/the-jamaica-national-group-limited-2\/","title":{"rendered":"The Jamaica National Group Limited"},"content":{"rendered":"<h2>RATING ACTION:<\/h2>\n<p>On March 14, 2025, CariCRIS downgraded the Jamaica national scale the Issuer\/ Corporate Credit Ratings assigned to The Jamaica National Group Limited (JN Group Limited or the Holding Company) by 1 notch to jmA (Foreign Currency Rating) and jmA+ (Local Currency Rating), and reaffirmed the regional scale ratings at CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating). A stable outlook was assigned.<\/p>\n<p class=\"badge\">RATING SENSITIVITY FACTORS:<\/p>\n<p><strong>Factors that could, individually or collectively, lead to an improvement in the ratings and\/or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Improvement in the credit rating of the Government of Jamaica (GoJ), leading to an improved sovereign risk profile<\/li>\n<li>Improvement in the credit rating of the Government of Jamaica (GoJ), leading to an improved sovereign risk profile<\/li>\n<li>Growth in the Group\u2019s revenue, leading to return on earning assets (ROEA) of 1.5% sustained for 2 years<\/li>\n<li>Improvement in the Group\u2019s cost-to-income ratio to 65% or below for at least 2 consecutive years<\/li>\n<li>Improvement in the Group\u2019s non-performing loans (NPLs) to gross loans to below 2.8%<\/li>\n<li>Improvement in the Group\u2019s tangible net worth (TNW) to total adjusted assets to 20% or above<\/li>\n<li>Improvement in the Holding Company\u2019s ROEA to 10% sustained for 2 consecutive years<\/li>\n<li>Improvement in the Holding Company\u2019s cost-to-income ratio to 65% or below for at least 2 consecutive years<\/li>\n<\/ul>\n<p><strong>Factors that could, individually or collectively, lead to a lowering of the ratings and\/or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Deterioration in the credit rating of the GoJ, leading to a worsened sovereign risk profile<\/li>\n<li>Deterioration in the credit rating of the GoJ, leading to a worsened sovereign risk profile<\/li>\n<li>Reduction in the Group\u2019s revenue, leading to ROEA of -0.5% sustained for 2 consecutive years<\/li>\n<li>Deterioration in the Group\u2019s cost-to-income ratio to 115% or above<\/li>\n<li>The Group\u2019s NPL ratio remaining above 4.5% over the next year<\/li>\n<li>Deterioration in the Group\u2019s TNW to total adjusted assets to 8% or below<\/li>\n<li>Deterioration of any of the Group\u2019s subsidiaries\u2019 capital adequacy ratios below regulatory requirements<\/li>\n<li>An increase in the Holding Company\u2019s gearing ratio to above 3 times<\/li>\n<li>Deterioration in the Holding Company\u2019s ROEA to -10% sustained for 2 consecutive years<\/li>\n<li>Deterioration in the Holding Company\u2019s cost-to-income ratio to 100% or above for at least 2 consecutive years<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 12pt;\"><strong>Analysts\u2019 Contact Info:<\/strong><\/span><\/p>\n<p>Keith Hamlet<br \/>\nMobile: 1-868-487-8356<br \/>\n<a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/p>\n<p>Maxwell Gooding<br \/>\n<a href=\"mailto:mgooding@caricris.com\">mgooding@caricris.com<\/a><\/p>\n<p>www.caricris.com<br \/>\n<a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/p>\n<p><span style=\"font-size: 8pt;\"><strong>Disclaimer<\/strong>: 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\u2019 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On March 14, 2025, CariCRIS downgraded the Jamaica national scale the Issuer\/ Corporate Credit Ratings assigned to The Jamaica National Group Limited (JN Group Limited or the Holding Company) by 1 notch to jmA (Foreign Currency Rating) and jmA+ (Local Currency Rating), and reaffirmed the regional scale ratings at CariBBB+ (Foreign Currency Rating) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-1732","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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