{"id":2443,"date":"2025-06-24T16:36:44","date_gmt":"2025-06-24T20:36:44","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2443"},"modified":"2025-06-28T16:39:01","modified_gmt":"2025-06-28T20:39:01","slug":"poly-pet-company-limited-5","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/poly-pet-company-limited-5\/","title":{"rendered":"Poly Pet Company Limited"},"content":{"rendered":"<p class=\"badge\"><strong>RATING ACTION:<\/strong><\/p>\n<p>On June 13, 2025, CariCRIS reaffirmed the Bond Issue Credit Rating assigned to the <strong>J $1 billion bond issue of Poly Pet Company Limited (Poly Pet or the Company)<\/strong> at <em>jm<\/em><strong>BB-<\/strong> (Local Currency Rating) on the Jamaica national scale. The outlook was revised to <strong>negative<\/strong> from stable.<\/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\u00a0Ratings and\/ or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Sustained profitability for more than 2 financial years (based on audited accounts)<\/li>\n<li>Improvement in debt service coverage ratio (DSCR) to over 1 time sustained for more than 2 financial years (based on data from audited accounts)<\/li>\n<li>Improvement in ratio of debt to tangible net worth (TNW) to below 2 times sustained for 2 financial periods (based on data from audited accounts)<\/li>\n<li>Sustained compliance with financial bond covenants for more than 2 financial periods (based on audited accounts)<\/li>\n<\/ul>\n<p><strong>Factors that could, individually or collectively, lead to a lowering\u00a0<\/strong><strong>of the Ratings and\/ or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>A gross profit (GP) margin less than 33% for 2 consecutive years<\/li>\n<li data-mce-word-list=\"1\">A return on assets (ROA) of less than 1% for 2 consecutive years<\/li>\n<li data-mce-word-list=\"1\">A net increase in intercompany balances by 5% over the next 12 months<\/li>\n<li data-mce-word-list=\"1\">Continued breach of covenants stipulated in the final term sheet\/ prospectus for the bond offering<\/li>\n<li data-mce-word-list=\"1\">Inability to refinance the bond\u2019s principal when it becomes due in December 2025<\/li>\n<li data-mce-word-list=\"1\">Changes in environmental laws and regulations toward reducing plastic use in Jamaica<\/li>\n<li data-mce-word-list=\"1\">Material deviation of Poly Pet\u2019s audited financial accounts for June 2024 from management accounts presented, resulting in lower profitability and cash flow adequacy metrics<\/li>\n<li data-mce-word-list=\"1\">Overall equipment effectiveness (OEE) less than 65% or failure to fulfil production contracts in the 9 months ended March 2026<\/li>\n<\/ul>\n<div><\/div>\n<div><\/div>\n<div><strong>Analysts\u2019 Contact Info:<\/strong><\/div>\n<div><\/div>\n<div>\n<p>Keith Hamlet<br \/>\nMobile : 1-868-487-8356<br \/>\n<a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/p>\n<p>Maxwell Gooding<br \/>\n<a href=\"mailto:mgooding@caricris.com\">mgooding@caricris.com<\/a><\/p>\n<p><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.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On June 13, 2025, CariCRIS reaffirmed the Bond Issue Credit Rating assigned to the J $1 billion bond issue of Poly Pet Company Limited (Poly Pet or the Company) at jmBB- (Local Currency Rating) on the Jamaica national scale. The outlook was revised to negative from stable. RATING SENSITIVITY FACTORS: Factors that could, [&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-2443","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-5\/\" \/>\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 June 13, 2025, CariCRIS reaffirmed the Bond Issue Credit Rating assigned to the J $1 billion bond issue of Poly Pet Company Limited (Poly Pet or the Company) at jmBB- (Local Currency Rating) on the Jamaica national scale. The outlook was revised to negative from stable. 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