{"id":2513,"date":"2022-11-28T13:59:10","date_gmt":"2022-11-28T17:59:10","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2513"},"modified":"2025-06-29T14:01:27","modified_gmt":"2025-06-29T18:01:27","slug":"proven-group-limited-5","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/proven-group-limited-5\/","title":{"rendered":"Proven Group Limited"},"content":{"rendered":"<p class=\"badge\"><strong>RATING ACTION:<\/strong><\/p>\n<p><span style=\"font-size: 10pt;\"><span style=\"font-family: 'book antiqua', palatino;\">On November 3, 2022, CariCRIS reaffirmed the assigned ratings of<\/span> <em>Cari<\/em><strong>BBB <\/strong>(Foreign and Local Currency Ratings) on the regional rating scale, and <em>jm<\/em><strong>A<\/strong> (Foreign and Local Currency Ratings) on the Jamaica national scale to <strong>PROVEN Group Limited (PROVEN or the Group).<\/strong> The stable outlook was maintained.<\/span><\/p>\n<p class=\"badge\">\u00a0RATING SENSITIVITY FACTORS:<\/p>\n<p><strong><span style=\"text-decoration: underline;\"><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Factors that could, individually or collectively, lead to an improvement of the rating and\/or outlook:<\/span><\/span><\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">An improvement in the GOJ\u2019s credit rating over the next 12-15 months<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">An improvement in operating profit greater than 20% for 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">Cost to Income ratio improves to 75% and below<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">Improvement of asset quality ratio to below 8%<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\"><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Factors that could, individually or collectively, lead to a lowering of the rating and\/or outlook: <\/span><\/span><\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Economic environment negatively impacting revenue streams leading to losses<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">Increase of PROVEN\u2019s stand-alone debt to equity ratio to above 2 times<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">A systemic increase in liquidity pressures in the environment leading to funding withdrawals from large institutional investors<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">Deterioration of asset quality ratio to over 12%<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">Cost to Income ratio weakens to 75% and over for another year<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-size: 10pt;\">A deterioration in the GOJ\u2019s credit rating over the next 12-15 months<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\"><strong><span style=\"text-decoration: underline;\">RATING RATIONALE<\/span><\/strong><\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the Corporate Credit Ratings of <em>Cari<\/em><strong>BBB<\/strong> (Foreign and Local Currency) on the regional rating scale, and <em>jm<\/em><strong>A<\/strong> on the Jamaica national scale to PROVEN Group Limited (PROVEN or the Group). The regional scale ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in Jamaica and the wider Caribbean is <strong>adequate. <\/strong>The national scale ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in Jamaica is <strong>good<\/strong>.<\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">CariCRIS has also maintained a <strong>stable<\/strong> outlook on the ratings. The stable outlook is premised on our expectation that PROVEN will continue to have profitable operations over the next 12-15 months supported by the Group\u2019s recent acquisitions of Roberts Manufacturing Company Limited<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a> (RMCL), PROVEN Bank (Cayman) Limited<a id=\"_ftnref2\" href=\"#_ftn2\"><sup>[2]<\/sup><\/a> (PBL) and Heritage Education Fund Limited<a id=\"_ftnref3\" href=\"#_ftn3\"><sup>[3]<\/sup><\/a> (HEFL) as well as its 20% equity interest in JMMB Group Limited (JMMBGL)<a id=\"_ftnref4\" href=\"#_ftn4\"><sup>[4]<\/sup><\/a>. Notwithstanding this, the global geopolitical environment and significant inflation concerns which have resulted in aggressive interest rates hikes, can challenge the Group\u2019s overall financial performance over the next 12-15 months.<\/span><\/p>\n<h4><strong>Analysts\u2019 Contact Info:<\/strong><\/h4>\n<h5><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">Anelia Oudit<\/span><\/h5>\n<p><span style=\"font-size: 8pt;\">Mobile : 1-868-487-8364<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a>\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">Jeffrey James<\/span><\/h5>\n<p><span style=\"font-size: 8pt;\"><a href=\"mailto:jjames@caricris.com\">jjames@caricris.com<\/a>\u00a0<\/span><\/p>\n<p><span style=\"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. \u00a0However, 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 November 3, 2022, CariCRIS reaffirmed the assigned ratings of CariBBB (Foreign and Local Currency Ratings) on the regional rating scale, and jmA (Foreign and Local Currency Ratings) on the Jamaica national scale to PROVEN Group Limited (PROVEN or the Group). The stable outlook was maintained. \u00a0RATING SENSITIVITY FACTORS: Factors that could, individually [&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-2513","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>Proven Group 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\/proven-group-limited-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proven Group Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On November 3, 2022, CariCRIS reaffirmed the assigned ratings of CariBBB (Foreign and Local Currency Ratings) on the regional rating scale, and jmA (Foreign and Local Currency Ratings) on the Jamaica national scale to PROVEN Group Limited (PROVEN or the Group). 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