{"id":2780,"date":"2021-12-16T19:28:21","date_gmt":"2021-12-16T23:28:21","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2780"},"modified":"2025-07-01T19:33:18","modified_gmt":"2025-07-01T23:33:18","slug":"endeavour-holdings-limited-5","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/endeavour-holdings-limited-5\/","title":{"rendered":"Endeavour Holdings Limited"},"content":{"rendered":"<p><strong>RATING DRIVERS<\/strong><\/p>\n<p class=\"badge\"><strong>Supporting Factors<\/strong><\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Good asset quality and diversified real estate portfolio underpins a strong competitive position<\/li>\n<li data-mce-word-list=\"1\">Business operations supported by adequate occupancy levels and tenant retention rate, albeit at a reduced level<\/li>\n<li data-mce-word-list=\"1\">Stable financial performance supported by good operating profits, though at a lower level<\/li>\n<li data-mce-word-list=\"1\">Loss of rent insurance reduces the risk of lower income from property damage<\/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\">Challenging economic environment could lead to deterioration in EHL\u2019s financial performance<\/li>\n<li data-mce-word-list=\"1\">Refinancing Risk applies, given the bond\u2019s structure<\/li>\n<\/ul>\n<p><strong><span class=\"badge\">Rating Sensitivity Factors<\/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 in the ratings of the Government of Trinidad and Tobago<\/li>\n<li data-mce-word-list=\"1\">Occupancy levels rising to above 95%<\/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 10% decline in annual rental income<\/li>\n<li data-mce-word-list=\"1\">Occupancy levels declining to below 75%<\/li>\n<li data-mce-word-list=\"1\">The inability to refinance the bond\/balloon payment at a rate below 7.5%<\/li>\n<li data-mce-word-list=\"1\">Trade receivables in days outstanding deteriorating to 95 days and over<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>COMPANY BACKGROUND<\/strong><\/p>\n<p>Endeavour Holdings Limited (EHL or the Company) is a private commercial real estate holding company incorporated in Trinidad and Tobago (T&amp;T) in 2001.\u00a0 Its majority shareholders, Endeavour ABRA Holdings Limited and Pelican Investment Limited, each owns 50%. As of December 12, 2019, EHL was listed on the Small and Medium Enterprises (SME) stock market of the Trinidad and Tobago Stock Exchange (TTSE). EHL owns 9 commercial properties and caters to the office, retail, and light industrial\/warehousing rental segments.<\/p>\n<p><em>Analytical Contacts:<\/em><\/p>\n<h5>Musa Abdullah<\/h5>\n<h5><em>Tel: 1-868-627-8879 Ext. 223<\/em><\/h5>\n<h5><em>E-mail: <a href=\"mailto:mabdullah@caricris.com\">mabdullah@caricris.com<\/a><\/em><\/h5>\n<h5>Anelia Oudit<\/h5>\n<h5><em>Tel: 1-868-627-8879 Ext. 226<\/em><\/h5>\n<h5><em>Mobile: 1-868-487-8364<\/em><\/h5>\n<h5><em>E-mail: <\/em><em><a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/em><\/h5>\n<p><em>\u00a0<\/em>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<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Good asset quality and diversified real estate portfolio underpins a strong competitive position Business operations supported by adequate occupancy levels and tenant retention rate, albeit at a reduced level Stable financial performance supported by good operating profits, though at a lower level Loss of rent insurance reduces the risk of lower [&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-2780","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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