{"id":1842,"date":"2024-07-02T17:57:24","date_gmt":"2024-07-02T21:57:24","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1842"},"modified":"2025-04-29T18:03:04","modified_gmt":"2025-04-29T22:03:04","slug":"pbs-technologies-trinidad-limited-2","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/pbs-technologies-trinidad-limited-2\/","title":{"rendered":"PBS Technologies (Trinidad) Limited"},"content":{"rendered":"<h2><strong>RATING ACTION:<\/strong><\/h2>\n<p><span style=\"font-family: 'book antiqua', palatino;\">On June 28, 2024, CariCRIS reaffirmed the Bond Issue Credit ratings assigned to the <strong>US $40 million bond issue of PBS Technologies (Trinidad) Limited (PBSTTL or the Company)<\/strong> at <em>Cari<\/em><strong>A-<\/strong> (Foreign Currency Rating) and <em>Cari<\/em><strong>A <\/strong>(Local Currency Rating) on the regional scale, and <em>jm<\/em><strong>AA<\/strong> (Foreign Currency Rating) and <em>jm<\/em><strong>AA+ <\/strong>(Local Currency Rating) on the Jamaica national scale. The outlook was revised to<strong> positive <\/strong>from <strong>stable<\/strong>.<\/span><\/p>\n<p class=\"badge\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>\u00a0<\/strong><\/span><span style=\"font-family: 'book antiqua', palatino;\"><strong>RATING SENSITIVITY FACTORS:<\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to an improvement of the ratings and\/ or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: disc;\">\n<li><span style=\"font-family: 'book antiqua', palatino;\">An increase in profit after tax (PAT) of above 10% for 1 year<\/span><\/li>\n<li><span style=\"font-family: 'book antiqua', palatino;\">An increase in debt service coverage ratio (DSCR) and effective DSCR to above 1.5 times and 2.5 times respectively<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to a lowering of the ratings and\/ or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A greater than 4% decline in operating revenue for 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A decline in interest cover to below 2 times<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A deterioration in the Company\u2019s debt\/ Tangible Net Worth (TNW) ratio to more than 3.5 times<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A breach of any of the financial covenants associated with the US $40 million Bond<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Material deviation of PBSTTL\u2019s audited financial accounts for 2023 from management accounts presented, resulting in lower profitability and cash flow adequacy metrics<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Unfavourable capital market conditions that could hinder access to new capital, given the likelihood that the US $40 million bond would have to be refinanced in 2026<\/span><\/li>\n<li>A deterioration in the sovereign risk profiles of the countries in which the Company operates<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\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><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: On June 28, 2024, CariCRIS reaffirmed the Bond Issue Credit ratings assigned to the US $40 million bond issue of PBS Technologies (Trinidad) Limited (PBSTTL or the Company) at CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional scale, and jmAA (Foreign Currency Rating) and jmAA+ (Local Currency Rating) on [&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-1842","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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