{"id":2546,"date":"2022-10-20T14:53:38","date_gmt":"2022-10-20T18:53:38","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2546"},"modified":"2025-06-29T14:54:41","modified_gmt":"2025-06-29T18:54:41","slug":"the-national-gas-company-of-trinidad-and-tobago-limited-5","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/the-national-gas-company-of-trinidad-and-tobago-limited-5\/","title":{"rendered":"The National Gas Company of Trinidad and Tobago Limited"},"content":{"rendered":"<p class=\"badge\"><strong>RATING ACTION:<\/strong><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">On October 12, 2022, CariCRIS reaffirmed the ratings currently assigned to the USD 400 million debt issue of <em>Cari<\/em><strong>AA <\/strong>(Foreign and Local Currency Ratings) on the regional rating scale, and <em>tt<\/em><strong>AA<\/strong> (Foreign and Local Currency Rating) on the Trinidad and Tobago national scale to <strong>The National Gas Company of Trinidad and Tobago Limited (or the Company).<\/strong> The stable outlook was maintained.<\/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=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could, individually or collectively, lead to an improvement of the rating and\/or outlook:<\/strong><\/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 the CariCRIS credit rating of the GoRTT<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An increase in the DSCR to &gt;3 times over the next 12 to 15 months leading to an improvement in the ability to service its amortised debt payments<\/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 rating and\/or outlook: <\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A fall in gross margins to below 15% for 2 consecutive years<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Debt \/ EBITDA increases to &gt;5 times<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A fall in the Effective DSCR to &lt;1 times for 2 consecutive years leading to a deterioration in the ability to service its amortised debt payments<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A significant decline in international prices of ammonia\/ methanol, leading to a material decline in revenue to &gt; 20%<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Inability to monetize receivables from T&amp;TEC which could constrain NGC\u2019s cash flows<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Deterioration in the CariCRIS credit rating of the GoRTT<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>RATING RATIONALE<\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the ratings currently assigned to the USD 400 million debt issue of The National Gas Company of Trinidad and Tobago Limited (NGC) of <em>Cari<\/em><strong>AA <\/strong>(Foreign and Local Currency) on the regional rating scale, and <em>tt<\/em><strong>AA <\/strong>on the Trinidad and Tobago (T&amp;T) national rating scale. These ratings indicate that the level of creditworthiness of this obligation, adjudged in relation to other obligations in the Caribbean and within T&amp;T, is <strong>high<\/strong>.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">CariCRIS has also maintained a <strong>stable<\/strong> outlook on the ratings. The stable outlook is based on the expectation of continued elevated energy prices<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a> for the remainder of 2022 supported by increased demand and supply disruptions due to the Russian\/Ukraine conflict with prices expected to normalise in 2023. Going forward, the favourable outlook for energy and commodity prices is expected to continue to support NGC\u2019s financial performance over the next 12-15 months. As a result, we anticipate continued profitability and robust debt protection metrics going forward.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Analysts\u2019 Contact Info:<\/strong><\/span><\/p>\n<h5><strong><span style=\"font-family: 'book antiqua', palatino;\">Anelia Oudit<\/span><\/strong><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Mobile : 1-868-487-8364<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-family: 'book antiqua', palatino;\">Kyla Balwant<\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><a href=\"mailto:kbalwant@caricris.com\">kbalwant@caricris.com<\/a>\u00a0\u00a0\u00a0<\/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 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><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On October 12, 2022, CariCRIS reaffirmed the ratings currently assigned to the USD 400 million debt issue of CariAA (Foreign and Local Currency Ratings) on the regional rating scale, and ttAA (Foreign and Local Currency Rating) on the Trinidad and Tobago national scale to The National Gas Company of Trinidad and Tobago Limited [&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-2546","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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