{"id":2686,"date":"2022-05-31T19:10:56","date_gmt":"2022-05-31T23:10:56","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2686"},"modified":"2025-06-29T19:14:42","modified_gmt":"2025-06-29T23:14:42","slug":"development-finance-limited-10","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/development-finance-limited-10\/","title":{"rendered":"Development Finance Limited"},"content":{"rendered":"<p class=\"badge\">RATING ACTION:<\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'book antiqua', palatino;\">On May 31, 2022, CariCRIS assigned initial issue ratings of <em>Cari<\/em><strong>AA-<\/strong> (Foreign and Local Currency Ratings) on the regional rating scale, and <em>tt<\/em><strong>AA-<\/strong> on the Trinidad and Tobago (T&amp;T) national scale to the proposed bond issue of up to TT $100 million of <strong>Development Finance Limited (DFL or the Company). <\/strong>A stable outlook was assigned.<\/span><\/p>\n<p><strong><span style=\"text-decoration: underline;\"><span style=\"font-family: 'book antiqua', palatino;\"><span class=\"badge\">RATING SENSITIVITY FACTORS<\/span>:<\/span><\/span><\/strong><\/p>\n<p><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><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Improvement in the credit rating of the GORTT<\/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 ratings\/or outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Material impairment in any of the underlying securities<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Substantial deterioration in the financial performance and position of DFL<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Downgrade in the rating of the GORTT<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Breaches to any of the bond\u2019s covenants<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Breach of covenants related to other long-term borrowings including limits related to non-performing loans<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A fall in the bond\u2019s security coverage to below 1.0X<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong><span style=\"font-family: 'book antiqua', palatino;\">COMPANY BACKGROUND<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'book antiqua', palatino;\">Development Finance Limited (DFL or the Company) is a non-bank financial institution licensed in Trinidad and Tobago (T&amp;T) under the Financial Institutions Act (2008) and is registered with the Deposit Insurance Corporation. The Company was initially established as the Trinidad and Tobago Development Finance Company (TTDFC) in the 1970s. DFL\u2019s major shareholders currently comprise of the Government of the Republic of Trinidad and Tobago (GORTT) (49.75%) and the Maritime Financial Group (49.75%), through its subsidiaries, the Maritime General Insurance Company Limited (33.17%) and Maritime Life (Caribbean) Limited (16.58%). The remaining 0.5% is held by DFL Caribbean Holdings Limited.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'book antiqua', palatino;\">DFL\u2019s mandate is aimed at providing funding and project structure for all small, medium, or large corporations that are engaged in development activities that can benefit the growth of the T&amp;T economy.\u00a0 From inception in the 1970\u2019s, DFL\u2019s core business was to provide financing for business development to Small and Medium Enterprises (SMEs) locally.\u00a0 Since 2011 the Company has widened its product offering to include Merchant banking and FOREX services in addition to long-term commercial financing options. The Company\u2019s products and services are offered through 6 main business lines which include debt arrangement and underwriting, buying and selling of foreign exchange, deposit-taking for fixed deposits, corporate and commercial lending for various financing needs, provision of guarantees, and letters of credit. DFL\u2019s total assets stood at TT $860.6 million as at December 2021, and its total revenue for the year ended December 2021 was TT $22.8 million.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Analysts\u2019 Contact Info:<\/strong><\/span><\/p>\n<h5><span style=\"font-size: 12pt;\">Anelia Oudit<\/span><\/h5>\n<h5><span style=\"font-size: 12pt;\">Mobile : 1-868-487-8364<\/span><\/h5>\n<p><span style=\"font-size: 12pt;\"><a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/p>\n<h5><span style=\"font-size: 12pt;\">Musa Abdullah<\/span><\/h5>\n<h5><span style=\"font-size: 12pt;\"><a href=\"mailto:mabdullah@caricris.com\">mabdullah@caricris.com<\/a>\u00a0\u00a0\u00a0<\/span><\/h5>\n<p><a href=\"http:\/\/www.caricris.com\"><strong>www.caricris.com<\/strong><\/a><strong>\u00a0 <\/strong><\/p>\n<p><strong><a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/strong> <strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING ACTION: On May 31, 2022, CariCRIS assigned initial issue ratings of CariAA- (Foreign and Local Currency Ratings) on the regional rating scale, and ttAA- on the Trinidad and Tobago (T&amp;T) national scale to the proposed bond issue of up to TT $100 million of Development Finance Limited (DFL or the Company). A stable outlook [&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-2686","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>Development Finance 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\/development-finance-limited-10\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Development Finance Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING ACTION: On May 31, 2022, CariCRIS assigned initial issue ratings of CariAA- (Foreign and Local Currency Ratings) on the regional rating scale, and ttAA- on the Trinidad and Tobago (T&amp;T) national scale to the proposed bond issue of up to TT $100 million of Development Finance Limited (DFL or the Company). 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