{"id":1850,"date":"2024-04-29T18:16:36","date_gmt":"2024-04-29T22:16:36","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1850"},"modified":"2025-04-29T18:17:32","modified_gmt":"2025-04-29T22:17:32","slug":"island-car-rentals-limited-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/island-car-rentals-limited-3\/","title":{"rendered":"Island Car Rentals Limited"},"content":{"rendered":"<h2>RATING ACTION:<\/h2>\n<p><span style=\"font-size: 10pt;\"><span style=\"font-family: 'book antiqua', palatino;\">On March 12, 2024, CariCRIS upgraded the assigned Issuer\/ Corporate Credit Ratings by 1-notch to <em>Cari<\/em><strong>BBB-<\/strong> (Foreign &amp; Local Currency Ratings) on the regional rating scale and <em>jm<\/em><strong>BBB+<\/strong> (Foreign &amp; Local Currency Ratings) on the Jamaica national scale to <strong>Island Car Rentals Limited (ICR or the Company). <\/strong>A stable outlook was assigned.<\/span><span style=\"font-family: 'book antiqua', palatino;\"><strong>\u00a0<\/strong><\/span><\/span><\/p>\n<p class=\"badge\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>RATING SENSITIVITY FACTORS:<\/strong><\/span><span style=\"font-family: 'book antiqua', palatino;\"><strong>\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to an improvement in 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 improvement to the ratings of the Government of Jamaica<\/span><\/li>\n<li><span style=\"font-family: 'book antiqua', palatino;\">A 12.5% or greater annual increase in operating profits, sustained for 2 consecutive years<\/span><\/li>\n<li><span style=\"font-family: 'book antiqua', palatino;\">Implementation of an Enterprise Risk Management Policy and further improvements to the Company\u2019s corporate governance structure<\/span><\/li>\n<li><span style=\"font-family: 'book antiqua', palatino;\">A substantial reduction in debt in line with ICR\u2019s strategy to deleverage, leading to a debt to TNW ratio of below 1.0 time<\/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 deterioration to the ratings of the Government of Jamaica<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Total operating revenue growth slows below 2.5%, leading to a deterioration in operating profit, sustained over 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A 10% or greater rise in total operating expenses, leading to a deterioration in operating profit, sustained over 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A fall in DSCR (operating cashflow \/ debt servicing burden) to less than 1.5 times<\/span><\/li>\n<li data-mce-word-list=\"1\">Failure to satisfy any of the covenants of the J $1.8 billion commercial loan facility<\/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>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-family: 'book antiqua', palatino; 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<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On March 12, 2024, CariCRIS upgraded the assigned Issuer\/ Corporate Credit Ratings by 1-notch to CariBBB- (Foreign &amp; Local Currency Ratings) on the regional rating scale and jmBBB+ (Foreign &amp; Local Currency Ratings) on the Jamaica national scale to Island Car Rentals Limited (ICR or the Company). A stable outlook was assigned.\u00a0 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-1850","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>Island Car Rentals 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\/island-car-rentals-limited-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Island Car Rentals Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On March 12, 2024, CariCRIS upgraded the assigned Issuer\/ Corporate Credit Ratings by 1-notch to CariBBB- (Foreign &amp; Local Currency Ratings) on the regional rating scale and jmBBB+ (Foreign &amp; Local Currency Ratings) on the Jamaica national scale to Island Car Rentals Limited (ICR or the Company). 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