{"id":2726,"date":"2022-03-25T11:14:32","date_gmt":"2022-03-25T15:14:32","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2726"},"modified":"2025-07-01T11:33:11","modified_gmt":"2025-07-01T15:33:11","slug":"island-car-rentals-limited-6","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/island-car-rentals-limited-6\/","title":{"rendered":"Island Car Rentals Limited"},"content":{"rendered":"<p class=\"badge\"><strong>RATING DRIVERS<\/strong><\/p>\n<p><strong>Supporting Factors:<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Leading market position underpinned by strong brand equity, large, high-quality fleet, and superior service levels<\/li>\n<li>Good growth prospects supported by the relaxation of COVID-19 restrictions and the resultant increase in international activity<\/li>\n<li>Continued good cost control underpinned by in-house maintenance and repairs and negotiated discounts on purchases based on long-standing relationships<\/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\">Financial performance negatively impacted by the COVID-19 pandemic though there was a material rebound recorded in the latter half of 2021 and resultant improvements in debt service coverage<\/li>\n<li data-mce-word-list=\"1\">Need for succession planning<\/li>\n<li data-mce-word-list=\"1\">Corporate governance may improve by the addition of qualified independent directors to the ICR Board<\/li>\n<li data-mce-word-list=\"1\">Refinancing risk applies given the capital-intensive nature and consistent working capital requirements of the Company<\/li>\n<\/ul>\n<p><strong><span class=\"badge\">Rating Sensitivity Factors:\u00a0<\/span> <\/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\">An improvement to the ratings of the Government of Jamaica<\/li>\n<li data-mce-word-list=\"1\">A 10% of greater annual increase in car rental income over the next 12-15 months<\/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\">A deterioration to the ratings of the Government of Jamaica<\/li>\n<li data-mce-word-list=\"1\">Total operating revenue growth slows below 10% over the next 12-15 months<\/li>\n<li data-mce-word-list=\"1\">An 8% or greater rise in total operating expenses<\/li>\n<li data-mce-word-list=\"1\">Failure to satisfy the minimum DSCR requirement<\/li>\n<li data-mce-word-list=\"1\">Inability to refinance or fully repay the J $2.2 billion bond issue at maturity<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>COMPANY BACKGROUND<\/strong><\/p>\n<p>Island Car Rentals Limited (ICR or the Company) was incorporated in Jamaica in 1973. The Company is headquartered in New Kingston and has two additional locations at the Norman Manley International Airport in Kingston and the Sangster International Airport in Montego Bay.\u00a0 In addition to motor vehicle rentals, which is its main line of business, the Company also offers other vehicle and driver services such as private transfers and day trips\/tours using either sedans or 14-25-seater buses, as well as executive chauffeur services using luxury sedans and SUVs.<\/p>\n<p>ICR was founded by Mr. Michael Campbell, the Chairman and Managing Director, who owns 70% of the shareholding of the Company, and by his business partner, Mr. Derrick DeMercado, who owns the remaining 30%.\u00a0 Mr. Campbell is a well-respected member of the Jamaican business community and has wide and varied experience in several industries including real estate, insurance, tourism, and auto rentals.\u00a0 Mr. DeMercado, who was instrumental in the development of the Company\u2019s operations and policies in its formative years, is retired from the Company and is not actively involved in its operations.<\/p>\n<p>ICR remains the largest ground transportation company in Jamaica with a fleet of approximately 1,442 vehicles as October 2021.\u00a0 The Company offers a variety of rental options to its clients which include sedans, minivans, light commercial vehicles, and small SUVs, mainly from Toyota, Honda, Hyundai, and Mitsubishi. Over its 48-year history, ICR has established a strong brand that was built around the Company\u2019s reputation for superior service and high asset quality.\u00a0 This has led to the Company receiving several local, regional, and international awards, culminating in ICR being designated as Jamaica\u2019s Leading Car Rental Company since 2011 and as the Caribbean\u2019s Leading Independent Car Rental Company since 2014, by World Travel Awards. For the year 2020, ICR was awarded a Certificate of Excellence by the international car rental company, Rentalcars.com<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a>. ICR has penetrated many international markets and established supplier relationships with over 300 tour operators and travel agencies worldwide.<\/p>\n<p><a id=\"_ftn1\" href=\"#_ftnref1\"><sup><strong>[1]<\/strong><\/sup><\/a> Rentalcars.com is the world&#8217;s largest online car rental services company with 7 offices across Manchester, London, Barcelona and Malta.<\/p>\n<p><em>Analytical Contacts:<\/em><\/p>\n<p>&nbsp;<\/p>\n<h5 data-mce-word-list=\"1\"><strong>Kyla Balwant<\/strong><\/h5>\n<h5 data-mce-word-list=\"1\"><em>Tel: 1-868-627-8879<\/em><\/h5>\n<h5 data-mce-word-list=\"1\"><em>E-mail: <a href=\"mailto:kbalwant@caricris.com\">kbalwant@caricris.com<\/a><\/em><\/h5>\n<h5 data-mce-word-list=\"1\"><strong>Anelia Oudit<\/strong><\/h5>\n<h5 data-mce-word-list=\"1\"><em>Tel: 1-868-627-8879 Ext. 226<br \/>\nMobile: 1-868-487-8364<\/em><\/h5>\n<h5 data-mce-word-list=\"1\"><em>E-mail: aoudit@<\/em><em>caricris.com<\/em><\/h5>\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. 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.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors: Leading market position underpinned by strong brand equity, large, high-quality fleet, and superior service levels Good growth prospects supported by the relaxation of COVID-19 restrictions and the resultant increase in international activity Continued good cost control underpinned by in-house maintenance and repairs and negotiated discounts on purchases based on long-standing relationships [&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-2726","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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