{"id":1906,"date":"2023-12-05T19:34:15","date_gmt":"2023-12-05T23:34:15","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1906"},"modified":"2025-04-30T19:35:14","modified_gmt":"2025-04-30T23:35:14","slug":"proven-group-limited-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/proven-group-limited-3\/","title":{"rendered":"Proven Group Limited"},"content":{"rendered":"<h2>RATING ACTION:<\/h2>\n<p><span style=\"font-family: 'book antiqua', palatino;\">On November 9, 2023, CariCRIS upgraded the assigned corporate credit ratings by 1-notch to <em>Cari<\/em><strong>BBB+<\/strong> (Foreign and Local Currency) on the regional rating scale to <strong>PROVEN Group Limited (PROVEN or the Group)<\/strong>. A stable outlook was assigned.<\/span><\/p>\n<p class=\"badge\"><strong>RATING SENSITIVITY FACTORS:<\/strong><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to an improvement of the rating and\/or outlook:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Cost to Income ratio improves to 75% and below<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Improvement in financial performance leading to operating profits and PAT over FY2020-FY2022 averages of US $6.9 million and US $20.1 million 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 rating and\/or outlook: <\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Economic environment negatively impacting revenue streams leading to losses<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Increase of PROVEN\u2019s stand-alone debt to equity ratio to above 2 times<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Cost to Income ratio weakens to over 75% for another year<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Another year of reduced share of profits from JMMBGL in line with FY2023<\/span><\/li>\n<\/ul>\n<h4><strong>Analysts\u2019 Contact Info:<\/strong><\/h4>\n<h5><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Anelia Oudit<\/span><\/h5>\n<h5><span style=\"font-size: 10pt;\">Mobile : 1-868-487-8364<\/span><\/h5>\n<p><span style=\"font-size: 10pt;\"><a href=\"mailto:aoudit@caricris.com\">aoudit@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;\"><a href=\"mailto:jjames@caricris.com\">jjames@caricris.com<\/a>\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<table>\n<tbody>\n<tr>\n<td><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\"><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. \u00a0However, 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><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On November 9, 2023, CariCRIS upgraded the assigned corporate credit ratings by 1-notch to CariBBB+ (Foreign and Local Currency) on the regional rating scale to PROVEN Group Limited (PROVEN or the Group). A stable outlook was assigned. RATING SENSITIVITY FACTORS: Factors that could, individually or collectively, lead to an improvement of the 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-1906","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>Proven Group 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\/proven-group-limited-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proven Group Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On November 9, 2023, CariCRIS upgraded the assigned corporate credit ratings by 1-notch to CariBBB+ (Foreign and Local Currency) on the regional rating scale to PROVEN Group Limited (PROVEN or the Group). 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