{"id":1959,"date":"2023-09-14T18:41:52","date_gmt":"2023-09-14T22:41:52","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1959"},"modified":"2025-05-05T18:42:33","modified_gmt":"2025-05-05T22:42:33","slug":"poly-pet-company-limited-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/","title":{"rendered":"Poly Pet Company Limited"},"content":{"rendered":"<h2><strong>RATING ACTION:<\/strong><\/h2>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><span style=\"color: #000000;\">On<\/span> August 17, 2023, CariCRIS downgraded the credit rating assigned to the J $1 billion bond debt issue of Poly Pet Company Limited (Poly Pet or the Company) to <em>jm<\/em><strong>BB-<\/strong> (Local Currency Rating) on the Jamaica national scale. A <strong>stable <\/strong>outlook was assigned.<\/span><\/p>\n<p><strong>\u00a0<\/strong><strong class=\"badge\">RATING SENSITIVITY FACTORS:<\/strong><\/p>\n<p><strong>\u00a0<\/strong><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: square;\">\n<li><span style=\"font-family: 'book antiqua', palatino;\"><strong>\u00a0<\/strong>An increase in PAT of above 10% for 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Improvement of the sovereign risk profile of Jamaica<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Improvement in the Company\u2019s DSCR to over 1 time sustained for more than 2 financial years (based on data from audited accounts)<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Improvement in Poly Pet\u2019s debt to net shareholder\u2019s equity ratio to below 2 times sustained for 2 financial periods (based on data for audited accounts)<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Sustained compliance with bond financial covenants for more than 2 financial periods (based on audited accounts)<\/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><strong>\u00a0<\/strong><span style=\"font-family: 'book antiqua', palatino;\">A greater than 10% decline in operating revenue<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A net increase in intercompany balances by 5% over the next 12 months<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Continued breach of covenants stipulated in the final term sheet\/prospectus for the bond offering<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Inability to raise capital given the likelihood that the bond\u2019s principal at maturity would need to be refinanced in 2025<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Changes in environmental laws and regulations towards reducing plastic use in Jamaica<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Deterioration in the sovereign risk profile of Jamaica<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Material deviation of Poly Pet\u2019s audited financial accounts for June 2022 from management accounts presented, resulting in lower profitability and cash flow adequacy metrics<\/span><\/li>\n<\/ul>\n<h4><strong>Analysts\u2019 Contact Info:<\/strong><\/h4>\n<h5><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">Keith Hamlet<\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">Mobile : 1-868-487-8356<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\"><a href=\"mailto:khamelt@caricris.com\">khamelt@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">Maxwell Gooding<\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\"><a href=\"mailto:mgooding@caricris.com\">mgooding@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-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.\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 August 17, 2023, CariCRIS downgraded the credit rating assigned to the J $1 billion bond debt issue of Poly Pet Company Limited (Poly Pet or the Company) to jmBB- (Local Currency Rating) on the Jamaica national scale. A stable outlook was assigned. \u00a0RATING SENSITIVITY FACTORS: \u00a0Factors that could, individually or collectively, lead [&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-1959","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>Poly Pet Company 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\/poly-pet-company-limited-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Poly Pet Company Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On August 17, 2023, CariCRIS downgraded the credit rating assigned to the J $1 billion bond debt issue of Poly Pet Company Limited (Poly Pet or the Company) to jmBB- (Local Currency Rating) on the Jamaica national scale. A stable outlook was assigned. \u00a0RATING SENSITIVITY FACTORS: \u00a0Factors that could, individually or collectively, lead [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/\" \/>\n<meta property=\"og:site_name\" content=\"CariCRIS\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-14T22:41:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-05T22:42:33+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"headline\":\"Poly Pet Company Limited\",\"datePublished\":\"2023-09-14T22:41:52+00:00\",\"dateModified\":\"2025-05-05T22:42:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/\"},\"wordCount\":388,\"commentCount\":0,\"articleSection\":[\"Rating Releases\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/\",\"name\":\"Poly Pet Company Limited - CariCRIS\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\"},\"datePublished\":\"2023-09-14T22:41:52+00:00\",\"dateModified\":\"2025-05-05T22:42:33+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/poly-pet-company-limited-3\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Poly Pet Company Limited\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\",\"name\":\"CariCRIS\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\",\"name\":\"admin\",\"sameAs\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\"],\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Poly Pet Company Limited - CariCRIS","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/","og_locale":"en_US","og_type":"article","og_title":"Poly Pet Company Limited - CariCRIS","og_description":"RATING ACTION: On August 17, 2023, CariCRIS downgraded the credit rating assigned to the J $1 billion bond debt issue of Poly Pet Company Limited (Poly Pet or the Company) to jmBB- (Local Currency Rating) on the Jamaica national scale. A stable outlook was assigned. \u00a0RATING SENSITIVITY FACTORS: \u00a0Factors that could, individually or collectively, lead [&hellip;]","og_url":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/","og_site_name":"CariCRIS","article_published_time":"2023-09-14T22:41:52+00:00","article_modified_time":"2025-05-05T22:42:33+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/#article","isPartOf":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/"},"author":{"name":"admin","@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967"},"headline":"Poly Pet Company Limited","datePublished":"2023-09-14T22:41:52+00:00","dateModified":"2025-05-05T22:42:33+00:00","mainEntityOfPage":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/"},"wordCount":388,"commentCount":0,"articleSection":["Rating Releases"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/","url":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/","name":"Poly Pet Company Limited - CariCRIS","isPartOf":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/#website"},"datePublished":"2023-09-14T22:41:52+00:00","dateModified":"2025-05-05T22:42:33+00:00","author":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967"},"breadcrumb":{"@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-3\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/craftedcaribbean.com\/caricris\/"},{"@type":"ListItem","position":2,"name":"Poly Pet Company Limited"}]},{"@type":"WebSite","@id":"https:\/\/craftedcaribbean.com\/caricris\/#website","url":"https:\/\/craftedcaribbean.com\/caricris\/","name":"CariCRIS","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/craftedcaribbean.com\/caricris\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/craftedcaribbean.com\/caricris\/#\/schema\/person\/510bfdfe41fce6bedbec995f62a44967","name":"admin","sameAs":["https:\/\/craftedcaribbean.com\/caricris"],"url":"https:\/\/craftedcaribbean.com\/caricris\/author\/admin\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/1959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/comments?post=1959"}],"version-history":[{"count":1,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/1959\/revisions"}],"predecessor-version":[{"id":1960,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/posts\/1959\/revisions\/1960"}],"wp:attachment":[{"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/media?parent=1959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/categories?post=1959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/tags?post=1959"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/craftedcaribbean.com\/caricris\/wp-json\/wp\/v2\/table_tags?post=1959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}