{"id":2714,"date":"2022-03-29T09:36:13","date_gmt":"2022-03-29T13:36:13","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2714"},"modified":"2025-07-01T09:37:53","modified_gmt":"2025-07-01T13:37:53","slug":"massy-holdings-limited-massy-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/massy-holdings-limited-massy-3\/","title":{"rendered":"Massy Holdings Limited (Massy)"},"content":{"rendered":"<h2>RATING DRIVERS<\/h2>\n<p class=\"badge\">Supporting Factors:<\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Moderate industry diversification and good market position in the Group\u2019s three core business portfolios<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">The Group\u2019s portfolio of complementary businesses promotes cross selling and value chain maximization<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Strong cash flows and healthy debt protection metrics continue to drive solid financial performance<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors:<\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Continued weak economic activity in Trinidad &amp; Tobago and Barbados could exert downward pressure on the Group\u2019s profitability<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Restrictions on accessing US$ liquidity in the Trinidad and Tobago market continue to negatively impact business operations, although improvements have been noted<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Rating Sensitivity Factors:<\/p>\n<p><span style=\"font-size: 10pt;\"><strong><span style=\"text-decoration: underline;\">Factors that could, individually or collectively, lead to an improvement in <span style=\"font-family: 'book antiqua', palatino;\">the<\/span> ratings and\/or outlook include:<\/span><\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Continued intraregional and extra-regional expansion resulting in an increase in operating revenue by &gt; 15% for 2 consecutive financial periods<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An improvement in operating profit margin to &gt; 12.5% for 2 consecutive financial periods<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">An increase in operating cash flows leading to an improvement in effective DSCR to &gt; 7.5 times for 2 consecutive financial periods<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 10pt;\"><strong><span style=\"text-decoration: underline;\">Factors that could, individually or collectively, lead to a lowering of the ratings and\/or outlook include:<\/span><\/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 deterioration in operating profit margin to &lt; 5% for 2 consecutive financial periods<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A decline in operating cash flows leading to a deterioration in effective DSCR to &lt; 1.2 times for 2 consecutive financial periods<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 10pt;\"><strong><span style=\"text-decoration: underline;\">COMPANY BACKGROUND<\/span><\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Massy Holdings Limited (Massy) has its genesis in 1932 when Neal Engineering Company Limited led by Harry Neal, and Massy Limited headed by Charles Massy merged to establish Neal &amp; Massy Engineering Company Limited. In 1958, the company continued its expansion and listed on the Trinidad and Tobago Stock Exchange (TTSE). The Group rebranded in 2014 to form a unified brand and create a common identity. The holding company name was formally changed from Neal &amp; Massy Holdings Limited to Massy Holdings Limited. The Massy Group currently comprises of over 60 companies with a presence in the retail, distribution, automotive, industrial equipment, energy and industrial gas products and supporting services, consumer finance, remittance, reinsurance and real estate industries, in over 15 countries, throughout the Caribbean and including Colombia and the United States of America (USA).\u00a0<\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em>Analytical Contacts:<\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><strong>Megan Dass<\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em>Tel: 1-868-627-8879 Ext. 239<\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em>E-mail: <\/em><em><a href=\"mailto:mdass@caricris.com\">mdass@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><strong>Keith Hamlet<\/strong><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em>Tel: 1-868-627-8879 Ext. 244<\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em>Cell: 1-868-487-8356<\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt;\"><em>E-mail: <\/em><em><a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt;\">Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-size: 8pt;\">E-mail: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong><span style=\"font-size: 8pt;\">Disclaimer<\/span>:<\/strong><\/span><span style=\"font-size: 8pt;\"> 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. 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. No part of this report may be published\/reproduced in any form without CariCRIS\u2019 prior written approval. 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 DRIVERS Supporting Factors: Moderate industry diversification and good market position in the Group\u2019s three core business portfolios The Group\u2019s portfolio of complementary businesses promotes cross selling and value chain maximization Strong cash flows and healthy debt protection metrics continue to drive solid financial performance Constraining Factors: Continued weak economic activity in Trinidad &amp; Tobago [&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-2714","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>Massy Holdings Limited (Massy) - 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\/massy-holdings-limited-massy-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Massy Holdings Limited (Massy) - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING DRIVERS Supporting Factors: Moderate industry diversification and good market position in the Group\u2019s three core business portfolios The Group\u2019s portfolio of complementary businesses promotes cross selling and value chain maximization Strong cash flows and healthy debt protection metrics continue to drive solid financial performance Constraining Factors: Continued weak economic activity in Trinidad &amp; 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