{"id":2722,"date":"2022-03-25T09:48:26","date_gmt":"2022-03-25T13:48:26","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2722"},"modified":"2025-07-01T10:54:25","modified_gmt":"2025-07-01T14:54:25","slug":"development-finance-limited-12","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/development-finance-limited-12\/","title":{"rendered":"Development Finance Limited"},"content":{"rendered":"<p class=\"badge\"><strong>RATING DRIVERS<\/strong><\/p>\n<p class=\"badge\"><strong>Supporting Factors:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>High credit quality of the bond\u2019s underlying assets lends to stable and reliable cash flows for debt servicing<\/li>\n<li>Comfortable capitalisation reflected in strong capital adequacy ratios despite increasing leverage<\/li>\n<li>Adequate financial performance with diversity of income and profitable operations<\/li>\n<li>Moderately diverse investment portfolio with good asset quality<\/li>\n<li>Stable and growing funding base, though small, adequately supports operations<\/li>\n<\/ul>\n<p class=\"badge\"><strong>Constraining Factors:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Significant sovereign risk exposure compounded by heightened economic uncertainty<\/li>\n<\/ul>\n<p class=\"badge\"><strong>Rating Sensitivity Factors<\/strong><\/p>\n<p><strong>Factors that could individually, or collectively lead to an improvement in the ratings and \/or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Improvement in the credit rating of the GORTT<\/li>\n<\/ul>\n<p><strong>Factors that could individually, or collectively lead to a lowering of the ratings and\/or outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Material impairment in any of the underlying securities<\/li>\n<li data-mce-word-list=\"1\">Substantial deterioration in the financial performance and position of DFL<\/li>\n<li data-mce-word-list=\"1\">Downgrade in the rating of the GORTT<\/li>\n<li data-mce-word-list=\"1\">Breaches to any of the bond\u2019s covenants<\/li>\n<li data-mce-word-list=\"1\">Breach of covenants related to other long-term borrowings including limits related to non-performing loans<\/li>\n<li data-mce-word-list=\"1\">A fall in the bond\u2019s security coverage to below 1.0x<\/li>\n<\/ul>\n<p><strong>COMPANY BACKGROUND<\/strong><\/p>\n<p>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 shareholders currently comprise primarily 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.<\/p>\n<p>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. From inception in the 1970\u2019s, DFL\u2019s core business was to provide financing for business development to Small and Medium Enterprises (SMEs) locally. 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 $860.2 million as at December 2021, and its total revenue for the year then ended was TT $23.5 million.<\/p>\n<p><em>Analytical Contacts:<\/em><\/p>\n<p>&nbsp;<\/p>\n<h5>Musa Abdullah<\/h5>\n<p><em>Tel: 1-868-627-8879 Ext. 233<\/em><\/p>\n<p><em>E-mail: <a href=\"mailto:mabdullah@caricris.com\">mabdullah@caricris.com<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<h5>Anelia Oudit<\/h5>\n<p><em>Tel: 1-868-627-8879 Ext. 226<\/em><\/p>\n<p><em>Mobile: 1-868-487-8364<\/em><\/p>\n<p><em>E-mail: <a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/em><\/p>\n<p>Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/p>\n<p>Email: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/p>\n<p><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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors: High credit quality of the bond\u2019s underlying assets lends to stable and reliable cash flows for debt servicing Comfortable capitalisation reflected in strong capital adequacy ratios despite increasing leverage Adequate financial performance with diversity of income and profitable operations Moderately diverse investment portfolio with good asset quality Stable and growing funding [&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-2722","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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