{"id":1840,"date":"2024-07-03T17:52:06","date_gmt":"2024-07-03T21:52:06","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1840"},"modified":"2025-04-29T17:53:07","modified_gmt":"2025-04-29T21:53:07","slug":"gracekennedy-limited-2","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/gracekennedy-limited-2\/","title":{"rendered":"GraceKennedy Limited"},"content":{"rendered":"<h2><strong>RATING ACTION:<\/strong><\/h2>\n<p><strong>\u00a0<\/strong>On June 28, 2024, CariCRIS reaffirmed the assigned issuer ratings of <em>Cari<\/em><strong>A<\/strong> (Local and Foreign Currency Ratings) on the regional rating scale and<em> jm<\/em><strong>AA <\/strong>(Local and Foreign Currency Rating) on the Jamaica national scale to <strong>GraceKennedy Limited (GKL or the Group). <\/strong>CariCRIS also reaffirmed the assigned issue ratings of the Group\u2019s bond issue of up to J $3 billion ratings at <em>Cari<\/em><strong>A<\/strong> (Local Currency Rating) on the regional rating scale and <em>jm<\/em><strong>AA<\/strong> (Local Currency Rating) on the Jamaica national scale. A <strong>positive<\/strong> outlook was assigned.<\/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 in the ratings and \/or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">An improvement in CariCRIS\u2019 sovereign credit risk rating of Jamaica<\/li>\n<li data-mce-word-list=\"1\">Successful acquisitions and\/or regional expansion over the next 12 to 15 months with a concomitant material improvement in any on its main segments\u2019 market share and GKL Group\u2019s overall financial performance<\/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\">Substantial and sustained deterioration in operating revenue of more than 7.5% over 2 successive years<\/li>\n<li data-mce-word-list=\"1\">A decline in operating profit margin to 5% or below<\/li>\n<li data-mce-word-list=\"1\">Decline in the parent company\u2019s DSCR ratio to &lt;1.33 times or fall in effective DSCR to below 1.5x<\/li>\n<li data-mce-word-list=\"1\">Increase in Debt to EBITDA ratio to &gt;4.0 times<\/li>\n<li data-mce-word-list=\"1\">A lowering of CariCRIS\u2019 sovereign credit risk rating of Jamaica<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Analysts\u2019 Contact Info:<\/strong><\/p>\n<p>Anelia Oudit<br \/>\nMobile : 1-868-487-8364<br \/>\n<a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/p>\n<p>Brandon Singh<br \/>\n<a href=\"mailto:bsingh@caricris.com\">bsingh@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: 10pt;\">Disclaimer: 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: \u00a0On June 28, 2024, CariCRIS reaffirmed the assigned issuer ratings of CariA (Local and Foreign Currency Ratings) on the regional rating scale and jmAA (Local and Foreign Currency Rating) on the Jamaica national scale to GraceKennedy Limited (GKL or the Group). CariCRIS also reaffirmed the assigned issue ratings of the Group\u2019s bond issue [&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-1840","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>GraceKennedy 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\/gracekennedy-limited-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GraceKennedy Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: \u00a0On June 28, 2024, CariCRIS reaffirmed the assigned issuer ratings of CariA (Local and Foreign Currency Ratings) on the regional rating scale and jmAA (Local and Foreign Currency Rating) on the Jamaica national scale to GraceKennedy Limited (GKL or the Group). 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