{"id":2634,"date":"2022-08-17T18:32:42","date_gmt":"2022-08-17T22:32:42","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2634"},"modified":"2025-06-29T18:35:42","modified_gmt":"2025-06-29T22:35:42","slug":"eastern-credit-union-placed-on-rating-watch-developing","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/eastern-credit-union-placed-on-rating-watch-developing\/","title":{"rendered":"Eastern Credit Union placed on Rating Watch \u2013 Developing"},"content":{"rendered":"<p style=\"text-align: justify;\">Caribbean Information &amp; Credit Rating Services Limited (CariCRIS), the region\u2019s credit rating agency, has today placed Eastern Credit Union Co-operative Society Limited (ECU) on <strong>Rating Watch \u2013 Developing<\/strong>.<\/p>\n<p style=\"text-align: justify;\">This Rating Action was taken as a result of ECU\u2019s lack of cooperation with providing us key information requested to facilitate the completion of our annual rating surveillance report for the 2021\/22 period, despite our several attempts to obtain same. Furthermore, based on recent media releases, CariCRIS notes that there may be potential legal matters with ECU executives ongoing as well as investigations into its operations by the Commissioner of Co-operatives<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a>. We are concerned that these developments could adversely impact the credit union\u2019s stability and financial performance going forward.<\/p>\n<p style=\"text-align: justify;\">CariCRIS will continue to liaise with ECU\u2019s personnel over the coming weeks to obtain the requested information and to determine the impact of recent events on ECU\u2019s creditworthiness and adjust our ratings accordingly. ECU is currently rated <em>Cari<\/em><strong>BB+<\/strong> (Foreign and Local Currency Ratings) on the regional rating scale and <em>tt<\/em><strong>BB+<\/strong> on the Trinidad and Tobago (T&amp;T) national scale with a <strong>stable<\/strong> outlook assigned.<\/p>\n<p style=\"text-align: justify;\">A CariCRIS rating is placed on Rating Watch &#8211; Developing when events occur that may affect the credit quality of the issuer\/issue, the impact of which cannot be accurately assessed at that point in time. A rating placed under Rating Watch does not imply that the rating will necessarily change.<\/p>\n<p><strong>August 17, 2022<\/strong><\/p>\n<p><a id=\"_ftn1\" href=\"#_ftnref1\"><sup><em><strong>[1]<\/strong><\/em><\/sup><\/a><em> The Office of the Commissioner for Co-operatives is responsible for regulating and supervising co-operatives in Trinidad and Tobago, under the legislative requirement of the Co-operative Societies Act, Chapter 81:03 of the Laws of the Republic of Trinidad and Tobago.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Caribbean Information &amp; Credit Rating Services Limited (CariCRIS), the region\u2019s credit rating agency, has today placed Eastern Credit Union Co-operative Society Limited (ECU) on Rating Watch \u2013 Developing. This Rating Action was taken as a result of ECU\u2019s lack of cooperation with providing us key information requested to facilitate the completion of our annual rating [&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-2634","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>Eastern Credit Union placed on Rating Watch \u2013 Developing - 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\/eastern-credit-union-placed-on-rating-watch-developing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eastern Credit Union placed on Rating Watch \u2013 Developing - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"Caribbean Information &amp; Credit Rating Services Limited (CariCRIS), the region\u2019s credit rating agency, has today placed Eastern Credit Union Co-operative Society Limited (ECU) on Rating Watch \u2013 Developing. 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