{"id":1928,"date":"2023-10-27T17:37:00","date_gmt":"2023-10-27T21:37:00","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1928"},"modified":"2025-05-03T17:37:56","modified_gmt":"2025-05-03T21:37:56","slug":"cornerstone-financial-holdings-limited-cfhl-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/cornerstone-financial-holdings-limited-cfhl-3\/","title":{"rendered":"Cornerstone Financial Holdings Limited (CFHL)"},"content":{"rendered":"<h2><strong>RATING ACTION:<\/strong><\/h2>\n<p>On August 11, 2023, CariCRIS assigned initial issuer\/corporate credit ratings of <em>Cari<\/em><strong>BBB+<\/strong> (Local Currency Rating) and <em>Cari<\/em><strong>BBB <\/strong>(Foreign Currency Rating) on the regional rating scale, and <em>jm<\/em><strong>A<\/strong> (Local Currency Rating) and <em>jm<\/em><strong>A-<\/strong> (Foreign Currency Rating) on the Jamaica national scale for <strong>Cornerstone Financial Holdings Limited (CFHL or the Company). <\/strong>A stable outlook was assigned.<\/p>\n<p class=\"badge\"><strong>RATING SENSITIVITY FACTORS:<\/strong><\/p>\n<p><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 the credit risk profile of the Government of Jamaica over the next 12-15 months.<\/li>\n<li data-mce-word-list=\"1\">An improvement in the credit risk profile of BIL over the next 12-15 months<\/li>\n<li data-mce-word-list=\"1\">Further diversity in revenue streams and asset class through the completion of its restructuring exercise and\/or addition of investment grade and above assets sustained over the next 2 years.<\/li>\n<li data-mce-word-list=\"1\">Successful acquisitions over the next 12 to 15 months with a concomitant material improvement in the respective segment\u2019s market share.<\/li>\n<li data-mce-word-list=\"1\">Further enhancements to its overall corporate governance structure inclusive of independent directors on the Board.<\/li>\n<\/ul>\n<p><strong>Factors that could, individually or collectively, lead to a lowering of the ratings\/or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">A deterioration in the credit risk profile of the Government of Jamaica.<\/li>\n<li data-mce-word-list=\"1\">A deterioration in the credit risk profile of BIL over the next 12-15 months.<\/li>\n<li data-mce-word-list=\"1\">A significant decline in the performance of BIL resulting in a material and sustained fall in CFHL\u2019s income that adversely impacts its risk absorbing capacity.<\/li>\n<li data-mce-word-list=\"1\">Increase in the debt\/TNW and total debt to total assets ratios over the internal limits of 2 times and 75% respectively.<\/li>\n<li data-mce-word-list=\"1\">Inability of CFHL\u2019s portfolio companies to meet capital adequacy regulatory requirements in the Jamaica financial services industry following its re-organization exercise.<\/li>\n<\/ul>\n<p><strong>Analysts\u2019 Contact Info:<\/strong><\/p>\n<p>Anelia Oudit<\/p>\n<p>Mobile : 1-868-487-8364<\/p>\n<p><a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/p>\n<p>Jeffrey James<\/p>\n<p><a href=\"mailto:jjames@caricris.com\">jjames@caricris.com<\/a><\/p>\n<p><a href=\"http:\/\/www.caricris.com\"><strong>www.caricris.com<\/strong><\/a><strong>\u00a0 <\/strong><\/p>\n<p><strong><a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/strong> <strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On August 11, 2023, CariCRIS assigned initial issuer\/corporate credit ratings of CariBBB+ (Local Currency Rating) and CariBBB (Foreign Currency Rating) on the regional rating scale, and jmA (Local Currency Rating) and jmA- (Foreign Currency Rating) on the Jamaica national scale for Cornerstone Financial Holdings Limited (CFHL or the Company). A stable outlook was [&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-1928","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>Cornerstone Financial Holdings Limited (CFHL) - 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\/cornerstone-financial-holdings-limited-cfhl-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cornerstone Financial Holdings Limited (CFHL) - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On August 11, 2023, CariCRIS assigned initial issuer\/corporate credit ratings of CariBBB+ (Local Currency Rating) and CariBBB (Foreign Currency Rating) on the regional rating scale, and jmA (Local Currency Rating) and jmA- (Foreign Currency Rating) on the Jamaica national scale for Cornerstone Financial Holdings Limited (CFHL or the Company). 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