{"id":1971,"date":"2023-07-17T18:59:35","date_gmt":"2023-07-17T22:59:35","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1971"},"modified":"2025-05-05T19:00:27","modified_gmt":"2025-05-05T23:00:27","slug":"guyana-shore-based-incorporated","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/guyana-shore-based-incorporated\/","title":{"rendered":"Guyana Shore Based Incorporated"},"content":{"rendered":"<h2><strong>RATING ACTION:<\/strong><\/h2>\n<p><span style=\"font-family: 'book antiqua', palatino;\">On March 20, 2023, CariCRIS assigned initial ratings \u00a0of <em>Cari<\/em><strong>AA-<\/strong> (Foreign and Local \u00a0Currency Ratings) on the regional rating scale and <em>gy<\/em><strong>AAA <\/strong>on the Guyana national scale (Foreign and Local Currency Rating) to the proposed debt facilities of up to US $33.7 million of Guyana Shore Base Incorporated (GYSBI). A<strong> stable<\/strong> 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=\"text-decoration: underline;\"><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><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Successful operations of GYSBI over the next 2 years, leading to PAT improving by 15% or more annually.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A reduction in client concentration risk where a single client will not account for more than 50% of the Company\u2019s revenue, sustained for 2 financial years.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An improvement in the sovereign risk profile of the Government of Guyana.<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to a lowering of the ratings\/or outlook include:<\/strong><\/span><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Breach of any of the debt covenants<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Failure to satisfy any of the performance requirements of the contractual agreement with EEPGL.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A material reduction in GYSBI\u2019s labor and plant efficiency metrics, which would lead to an increase in GYSBI\u2019s operating expenses.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Failure of GYSBI to meet EEPGL\u2019s KPIs stipulated in the 11-year contract.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A reduction in services provided to EEPGL leading to revenue declines of more than 15% for 2 consecutive years.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An increase in debt leading to increased leverage of above 3.5 times sustained for 2 financial periods.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An increase in debt servicing requirements, leading to a decrease in effective DSCR to below 1.25 times sustained for 2 financial years.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A reduction in services provided to EEPGL leading to revenue declines of more than 15% for 2 consecutive years.<\/span><\/li>\n<\/ul>\n<h5><strong>Analysts\u2019 Contact Info:<\/strong><\/h5>\n<h5><span style=\"font-size: 8pt;\">Keith Hamlet<\/span><\/h5>\n<p><span style=\"font-size: 8pt;\">Mobile : 1-868-487-4356<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-size: 8pt;\">Sultan Mohammed<\/span><\/h5>\n<h5><span style=\"font-size: 8pt;\">Mobile\u00a0: 1-1868-362-7304<\/span><\/h5>\n<p><span style=\"font-size: 8pt;\"><a href=\"mailto:smohammed@caricris.com\">smohammed@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><a href=\"http:\/\/www.caricris.com\"><strong>www.caricris.com<\/strong><\/a><strong> \u00a0\u00a0<\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><strong><a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/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 the 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.\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 March 20, 2023, CariCRIS assigned initial ratings \u00a0of CariAA- (Foreign and Local \u00a0Currency Ratings) on the regional rating scale and gyAAA on the Guyana national scale (Foreign and Local Currency Rating) to the proposed debt facilities of up to US $33.7 million of Guyana Shore Base Incorporated (GYSBI). 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-1971","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>Guyana Shore Based Incorporated - 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\/guyana-shore-based-incorporated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guyana Shore Based Incorporated - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On March 20, 2023, CariCRIS assigned initial ratings \u00a0of CariAA- (Foreign and Local \u00a0Currency Ratings) on the regional rating scale and gyAAA on the Guyana national scale (Foreign and Local Currency Rating) to the proposed debt facilities of up to US $33.7 million of Guyana Shore Base Incorporated (GYSBI). 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