{"id":1876,"date":"2024-03-26T18:42:24","date_gmt":"2024-03-26T22:42:24","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1876"},"modified":"2025-04-30T18:43:17","modified_gmt":"2025-04-30T22:43:17","slug":"port-authority-of-jamaica-2","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/port-authority-of-jamaica-2\/","title":{"rendered":"Port Authority of Jamaica"},"content":{"rendered":"<h2>RATING ACTION:<\/h2>\n<p>O<span style=\"font-family: 'book antiqua', palatino;\">n March 12, 2024, CariCRIS upgraded the assigned Issuer\/Corporate credit rating by 1-notch to <em>Cari<\/em><strong>A- <\/strong>(Foreign Currency Rating) and <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 to <strong>The Port Authority of Jamaica (PAJ or the Authority).<\/strong> A stable outlook was assigned.<\/span><\/p>\n<p class=\"badge\"><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 in the ratings and\/or Outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An improvement in the credit rating of the sovereign over the next 12-15 months.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A significant increase in total operating revenue or profit leading to the DSCR remaining above 2.5 times over the next 2 years.<\/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: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Unexpected material changes in the terms and conditions of its concession agreements with its cargo operators due to force majeure that will negatively impact the payment of guaranteed fixed revenue to the Authority.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A greater than 20% decline in operating revenue over the next 12-15 months that results is a reduction of the DSCR to 1.4 times or below.<\/span><\/li>\n<\/ul>\n<h4><strong>Analysts\u2019 Contact Info:<\/strong><\/h4>\n<h5><span style=\"font-size: 10pt;\">Keith Hamlet<\/span><\/h5>\n<p><span style=\"font-size: 10pt;\">Mobile: 1-868-487-8356<\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-size: 10pt;\">Jeffrey James<\/span><\/h5>\n<p><span style=\"font-size: 10pt;\">Mobile\u00a0: 1-868-713-5987<\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><a href=\"mailto:jjames@caricris.com\">jjames@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><a href=\"http:\/\/www.caricris.com\"><strong>www.caricris.com<\/strong><\/a><strong>\u00a0 <\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong><a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/strong> <strong>\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><strong>Disclaimer<\/strong><strong>:<\/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.\u00a0 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.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 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","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On March 12, 2024, CariCRIS upgraded the assigned Issuer\/Corporate credit rating by 1-notch to CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional rating scale and jmAA+ (Local Currency Rating) on the Jamaica national scale to The Port Authority of Jamaica (PAJ or the Authority). A stable outlook was assigned. [&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-1876","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>Port Authority of Jamaica - 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\/port-authority-of-jamaica-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Port Authority of Jamaica - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On March 12, 2024, CariCRIS upgraded the assigned Issuer\/Corporate credit rating by 1-notch to CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional rating scale and jmAA+ (Local Currency Rating) on the Jamaica national scale to The Port Authority of Jamaica (PAJ or the Authority). A stable outlook was assigned. 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