{"id":2760,"date":"2022-07-01T18:45:48","date_gmt":"2022-07-01T22:45:48","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2760"},"modified":"2025-07-02T12:23:46","modified_gmt":"2025-07-02T16:23:46","slug":"the-jamaica-national-group-limited-jn-group","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/the-jamaica-national-group-limited-jn-group\/","title":{"rendered":"The Jamaica National Group Limited (JN Group)"},"content":{"rendered":"<h3>RATING DRIVERS<\/h3>\n<p class=\"badge\">Supporting Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"caret-color: auto;\">Moderate diversification and good market position in Jamaica with international expansion.<\/span><\/li>\n<li data-mce-word-list=\"1\">Strong capitalization of regulated subsidiaries in excess of regulatory requirements.<\/li>\n<li data-mce-word-list=\"1\">History of profitable operations underpinned by diverse income streams<\/li>\n<li data-mce-word-list=\"1\">Adequate liquidity to support debt servicing.<\/li>\n<li data-mce-word-list=\"1\">Good governance structure and risk management practices.<\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\">High cost to income ratio.<\/li>\n<li data-mce-word-list=\"1\">Economic conditions in Jamaica could constrain revenue growth and profitability.<\/li>\n<\/ul>\n<p><span style=\"font-size: 10pt;\"><strong><span style=\"text-decoration: underline;\">Rating Sensitivity Factors<\/span><\/strong><\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><strong><span style=\"text-decoration: underline;\">Factors that could lead to an improvement in the ratings and\/ or Outlook include:<\/span><\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\">Expansion of the Group\u2019s product and service offerings and\/or improvements in operating efficiencies leading to a sustained increased in PAT of 10% for more than 2 years.<\/li>\n<li data-mce-word-list=\"1\">An increase in the credit rating of the Government of Jamaica.<\/li>\n<\/ul>\n<p><span style=\"font-size: 10pt;\"><strong><span style=\"text-decoration: underline;\">Factors that could 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\">A greater than 10% decline in total income for 2 consecutive years.<\/li>\n<li data-mce-word-list=\"1\">A lowering of the credit rating of the Government of Jamaica.<\/li>\n<li data-mce-word-list=\"1\">Breach of covenants stipulated in the final term sheet\/prospectus for the bond offering.<\/li>\n<li data-mce-word-list=\"1\">Failure of JN Bank to meet its debt servicing and repayment obligations to JN Group in a timely manner.<\/li>\n<li data-mce-word-list=\"1\">An increase in the Company\u2019s debt leading to a material change in its debt servicing ability.<\/li>\n<\/ul>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong><span style=\"text-decoration: underline;\">COMPANY BACKGROUND<\/span><\/strong><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">The Jamaica National Group Limited (JN Group or the Company), a holding company, was incorporated in Jamaica in February 2017. The Company\u2019s subsidiaries (the Group) commenced operations as the Westmoreland Building Society in 1874. In 1960, the Westmoreland Building Society completed its first merger with the Manchester Mutual Building Society. In 1970, following several mergers, the Westmoreland Building Society executed several organisational adjustments, including a name change to the Jamaica National Building Society (JNBS or the Building Society). In 2016, the members of JNBS voted to reorganise the entity into the JN Group and convert the deposit-taking arm of the Building Society to Jamaica\u2019s only mutually-owned (fully owned by savers and borrowers) commercial bank called JN Bank &#8211; the third-largest commercial bank in Jamaica. The Bank of Jamaica subsequently exchanged JNBS\u2019 building society licence for a commercial banking licence and following the reorganisation of the JN Group, a mutual holding company, named The Jamaica National Group Limited, became the ultimate parent company for the JN subsidiaries.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">The Company holds 100% ownership in MCS Group Limited (a non-financial holding company) and JN Financial Group Limited<a id=\"_ftnref1\" href=\"#_ftn1\">[1]<\/a> (a financial holding company). The Group comprises 13 subsidiaries, two associated companies, and one related company in Jamaica, the United Kingdom (UK), Canada, the United States of America (USA), and the Cayman Islands (Chart 1). The Group\u2019s portfolio of products and services span a wide array of financial, technological, creative, and fleet management services that support its position as a leading performer among mixed conglomerates in the region.<\/span><\/p>\n<p><em>Analytical Contacts:<\/em><\/p>\n<p><em>\u00a0<\/em>Keith Hamlet<\/p>\n<h5><em>Tel: 1-868-627-8879 Ext. 229<\/em><\/h5>\n<p><em>E-mail: <a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/em><\/p>\n<h5><\/h5>\n<h5><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">Maxwell Gooding<\/span><\/h5>\n<h5><em>Tel: 1-868-627-8879 Ext. 229<\/em><\/h5>\n<h5><em>E-mail: <a href=\"mailto:mgooding@caricris.com\">mgooding@caricris.com<\/a><\/em><\/h5>\n<p>Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/p>\n<p>E-mail: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\">Disclaimer: 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.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Moderate diversification and good market position in Jamaica with international expansion. Strong capitalization of regulated subsidiaries in excess of regulatory requirements. History of profitable operations underpinned by diverse income streams Adequate liquidity to support debt servicing. Good governance structure and risk management practices. Constraining Factors High cost to income ratio. Economic [&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-2760","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>The Jamaica National Group Limited (JN Group) - 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\/the-jamaica-national-group-limited-jn-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Jamaica National Group Limited (JN Group) - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING DRIVERS Supporting Factors Moderate diversification and good market position in Jamaica with international expansion. Strong capitalization of regulated subsidiaries in excess of regulatory requirements. History of profitable operations underpinned by diverse income streams Adequate liquidity to support debt servicing. Good governance structure and risk management practices. Constraining Factors High cost to income ratio. Economic [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/the-jamaica-national-group-limited-jn-group\/\" \/>\n<meta property=\"og:site_name\" content=\"CariCRIS\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-01T22:45:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-02T16:23:46+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"headline\":\"The Jamaica National Group Limited (JN Group)\",\"datePublished\":\"2022-07-01T22:45:48+00:00\",\"dateModified\":\"2025-07-02T16:23:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/\"},\"wordCount\":601,\"commentCount\":0,\"articleSection\":[\"Rating Releases\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/\",\"name\":\"The Jamaica National Group Limited (JN Group) - CariCRIS\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\"},\"datePublished\":\"2022-07-01T22:45:48+00:00\",\"dateModified\":\"2025-07-02T16:23:46+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/rating-releases\\\/the-jamaica-national-group-limited-jn-group\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Jamaica National Group Limited (JN Group)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#website\",\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/\",\"name\":\"CariCRIS\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/#\\\/schema\\\/person\\\/510bfdfe41fce6bedbec995f62a44967\",\"name\":\"admin\",\"sameAs\":[\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\"],\"url\":\"https:\\\/\\\/craftedcaribbean.com\\\/caricris\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Jamaica National Group Limited (JN Group) - CariCRIS","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/the-jamaica-national-group-limited-jn-group\/","og_locale":"en_US","og_type":"article","og_title":"The Jamaica National Group Limited (JN Group) - CariCRIS","og_description":"RATING DRIVERS Supporting Factors Moderate diversification and good market position in Jamaica with international expansion. Strong capitalization of regulated subsidiaries in excess of regulatory requirements. History of profitable operations underpinned by diverse income streams Adequate liquidity to support debt servicing. Good governance structure and risk management practices. Constraining Factors High cost to income ratio. 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