{"id":1987,"date":"2023-06-22T19:28:55","date_gmt":"2023-06-22T23:28:55","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=1987"},"modified":"2025-05-05T19:29:42","modified_gmt":"2025-05-05T23:29:42","slug":"grace-kennedy-limited","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/grace-kennedy-limited\/","title":{"rendered":"Grace Kennedy Limited"},"content":{"rendered":"<h2><strong>RATING ACTION:<\/strong><\/h2>\n<p><span style=\"font-family: 'book antiqua', palatino;\">On June 15, 2023, CariCRIS upgraded the assigned issuer ratings by 1-notch to <em>Cari<\/em><strong>A<\/strong> (Local and Foreign Currency Ratings) on the regional rating scale and reaffirmed the Jamaica national scale ratings of <em>jm<\/em><strong>AA <\/strong>(Local and Foreign Currency Rating) to <strong>GraceKennedy Limited (GKL or the Group). <\/strong>CariCRIS also upgraded by 1-notch on the regional rating scale, the Group\u2019s bond issue of up to J $3 billion ratings to <em>Cari<\/em><strong>A<\/strong> (Local Currency Rating) and reaffirmed the Jamaica national scale ratings of<em> jm<\/em><strong>AA<\/strong> (Local Currency Rating). A stable outlook was assigned.<\/span><\/p>\n<p class=\"badge\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>\u00a0<\/strong><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;\">An improvement in CariCRIS\u2019 sovereign credit risk rating of Jamaica<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Successful acquisitions and\/or regional expansion over the next 12 to 15 months with a concomitant material improvement in any on its main segments\u2019 market share and GKL Group\u2019s overall financial performance<\/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 and \/or outlook include:<\/strong><\/span><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\">Substantial and sustained deterioration in operating revenue of more than 7.5% over 2 successive years<\/li>\n<li data-mce-word-list=\"1\">An increase in operating expenses as a percentage of revenue to more than 36% leading to a fall in operating profit margin to less than 6%<\/li>\n<li data-mce-word-list=\"1\">Decline in the parent company\u2019s DSCR ratio to &lt;1.33 times or fall in effective DSCR to below 1.5x<\/li>\n<li data-mce-word-list=\"1\">Increase in Debt to EBITDA ratio to &gt;4.0 times<\/li>\n<li data-mce-word-list=\"1\">A lowering of CariCRIS\u2019 sovereign credit risk rating of Jamaica<\/li>\n<\/ul>\n<h4><strong>Analysts\u2019 Contact Info:<\/strong><\/h4>\n<h5><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\">Anelia Oudit<\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\">Mobile : 1-868-487-8364<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\"><a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\">Brandon Singh<\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\"><a href=\"mailto:bsingh@caricris.com\">bsingh@caricris.com<\/a>\u00a0 \u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\"><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; font-size: 8pt;\"><strong><a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/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 June 15, 2023, CariCRIS upgraded the assigned issuer ratings by 1-notch to CariA (Local and Foreign Currency Ratings) on the regional rating scale and reaffirmed the Jamaica national scale ratings of jmAA (Local and Foreign Currency Rating) to GraceKennedy Limited (GKL or the Group). CariCRIS also upgraded by 1-notch on the regional [&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-1987","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>Grace Kennedy 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\/grace-kennedy-limited\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grace Kennedy Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On June 15, 2023, CariCRIS upgraded the assigned issuer ratings by 1-notch to CariA (Local and Foreign Currency Ratings) on the regional rating scale and reaffirmed the Jamaica national scale ratings of jmAA (Local and Foreign Currency Rating) to GraceKennedy Limited (GKL or the Group). 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