{"id":1824,"date":"2024-07-10T17:24:59","date_gmt":"2024-07-10T21:24:59","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1824"},"modified":"2025-04-29T17:25:54","modified_gmt":"2025-04-29T21:25:54","slug":"poly-pet-company-limited-2","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-2\/","title":{"rendered":"Poly Pet Company Limited"},"content":{"rendered":"<h2><strong>RATING ACTION:<\/strong><\/h2>\n<p><strong>\u00a0<\/strong>On June 28, 2024, CariCRIS reaffirmed the Bond Issue Credit Rating assigned to the <strong>J $1 billion bond issue of Poly Pet Company Limited (Poly Pet or the Company)<\/strong> at <em>jm<\/em><strong>BB-<\/strong> (Local Currency Rating) on the Jamaica national scale. A <strong>stable <\/strong>outlook was maintained.<\/p>\n<p class=\"badge\"><strong>\u00a0<\/strong><strong>RATING SENSITIVITY FACTORS:<\/strong><\/p>\n<p><strong>\u00a0<\/strong><strong>Factors that could, individually or collectively, lead to an improvement of the ratings and\/ or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Sustained profitability for more than 2 financial years (based on audited accounts)<\/li>\n<li data-mce-word-list=\"1\">Improvement in the Company\u2019s debt service coverage ratio (DSCR) to over 1 time sustained for more than 2 financial years (based on audited accounts)<\/li>\n<li data-mce-word-list=\"1\">Improvement in Poly Pet\u2019s debt to net shareholder\u2019s equity ratio to below 2 times sustained for 2 financial periods (based on audited accounts)<\/li>\n<li data-mce-word-list=\"1\">Sustained compliance with bond financial covenants for more than 2 financial periods (based on audited accounts)<\/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 data-mce-word-list=\"1\">A greater than 10% decline in operating revenue for 2 consecutive years<\/li>\n<li data-mce-word-list=\"1\">A net increase in intercompany balances by 5% over the next 12 months<\/li>\n<li data-mce-word-list=\"1\">Continued breach of covenants stipulated in the final term sheet\/prospectus for the bond offering<\/li>\n<li data-mce-word-list=\"1\">Changes in environmental laws and regulations toward reducing plastic use in Jamaica<\/li>\n<li data-mce-word-list=\"1\">Material deviation of Poly Pet\u2019s audited financial accounts for June 2023 from management accounts presented, resulting in lower profitability and cash flow adequacy metrics<\/li>\n<li data-mce-word-list=\"1\">Overall equipment effectiveness (OEE) less than 65% or failure to fulfil production contracts in the 9 months ended March 2025<\/li>\n<li data-mce-word-list=\"1\">Inability to refinance the bond\u2019s principal when it becomes due in 2025<\/li>\n<\/ul>\n<p><strong>Analysts\u2019 Contact Info:<\/strong><\/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>&nbsp;<\/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<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: \u00a0On June 28, 2024, CariCRIS reaffirmed the Bond Issue Credit Rating assigned to the J $1 billion bond issue of Poly Pet Company Limited (Poly Pet or the Company) at jmBB- (Local Currency Rating) on the Jamaica national scale. A stable outlook was maintained. \u00a0RATING SENSITIVITY FACTORS: \u00a0Factors that could, individually or collectively, [&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-1824","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Poly Pet Company Limited - CariCRIS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Poly Pet Company Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: \u00a0On June 28, 2024, CariCRIS reaffirmed the Bond Issue Credit Rating assigned to the J $1 billion bond issue of Poly Pet Company Limited (Poly Pet or the Company) at jmBB- (Local Currency Rating) on the Jamaica national scale. A stable outlook was maintained. \u00a0RATING SENSITIVITY FACTORS: \u00a0Factors that could, individually or collectively, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-2\/\" \/>\n<meta property=\"og:site_name\" content=\"CariCRIS\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-10T21:24:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-29T21:25:54+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"headline\":\"Poly Pet Company Limited\",\"datePublished\":\"2024-07-10T21:24:59+00:00\",\"dateModified\":\"2025-04-29T21:25:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/\"},\"wordCount\":390,\"commentCount\":0,\"articleSection\":[\"Rating Releases\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/\",\"name\":\"Poly Pet Company Limited - CariCRIS\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\"},\"datePublished\":\"2024-07-10T21:24:59+00:00\",\"dateModified\":\"2025-04-29T21:25:54+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-2\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Poly Pet Company Limited\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\",\"name\":\"CariCRIS\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\",\"name\":\"admin\",\"sameAs\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\"],\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Poly Pet Company Limited - CariCRIS","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-2\/","og_locale":"en_US","og_type":"article","og_title":"Poly Pet Company Limited - CariCRIS","og_description":"RATING ACTION: \u00a0On June 28, 2024, CariCRIS reaffirmed the Bond Issue Credit Rating assigned to the J $1 billion bond issue of Poly Pet Company Limited (Poly Pet or the Company) at jmBB- (Local Currency Rating) on the Jamaica national scale. 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