{"id":2862,"date":"2021-09-27T20:48:10","date_gmt":"2021-09-28T00:48:10","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2862"},"modified":"2025-07-01T20:49:23","modified_gmt":"2025-07-02T00:49:23","slug":"sygnus-credit-investments-limited-5","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/sygnus-credit-investments-limited-5\/","title":{"rendered":"Sygnus Credit Investments Limited"},"content":{"rendered":"<h2>RATING DRIVERS<\/h2>\n<p class=\"badge\">Supporting Factors:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Adequate financial performance supported by growing revenue and profits<\/li>\n<li data-mce-word-list=\"1\">Consistent asset growth supported by moderately diversified interest-earning assets with good asset quality.<\/li>\n<li data-mce-word-list=\"1\">Adequate governance structure and risk management<\/li>\n<li data-mce-word-list=\"1\">Generally favorable capitalization and liquidity levels, but high cost of funds<\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li data-mce-word-list=\"1\">Small size may hamper growth potential<\/li>\n<li data-mce-word-list=\"1\">Exposure to sovereigns with an elevated level of economic uncertainty increases risk to SCI<\/li>\n<\/ul>\n<p class=\"badge\">\u00a0Rating Sensitivity Factors:<\/p>\n<p><strong>\u00a0Factors 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 GOJ\u2019s credit rating over the next 12-15 months<\/li>\n<li data-mce-word-list=\"1\">Improving business conditions over the next 12-15 months, thereby leading to growth in client base and sustained earnings growth<\/li>\n<li data-mce-word-list=\"1\">SCI\u2019s ability to attract and retain lower cost funding<\/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\">Deterioration of asset quality ratio to 8% or more<\/li>\n<li data-mce-word-list=\"1\">Increase of SCI\u2019s debt to TNW ratio to over 1.25 times<\/li>\n<li data-mce-word-list=\"1\">Cost to Income ratio weakens to 75% and over<\/li>\n<li data-mce-word-list=\"1\">A sustained decrease in yield from interest earning assets by over 100 basis points or greater over the next 12-15 months, thereby leading to a significant tightening of the net interest spread earned on investments<\/li>\n<li data-mce-word-list=\"1\">A deterioration in the GOJ\u2019s credit rating over the next 12-15 months<\/li>\n<\/ul>\n<p><strong>COMPANY BACKGROUND<\/strong><\/p>\n<p>Sygnus Credit Investments Limited (SCI or the Company) is a specialty Private Credit Investment Company incorporated in Saint Lucia in January 2017 under the International Business Companies Act 1999. The Company is listed on the Jamaican Stock Exchange (JSE), in the main US and JA dollar markets, following the completion of an Initial Public Offering (IPO) in 2018 with an Additional Public Offering (APO) completed in 2020.\u00a0 Following SCI\u2019s listing, the Company became subject to all laws applicable to issuers of securities in Jamaica listed on the stock exchange, as well as the regulatory authority of the JSE, the Financial Services Commission and the Companies Office. The largest single shareholder of SCI is ATL Group Pension Fund Trustees Nominee Limited, which currently holds 4.6% of SCI\u2019s total shareholding as at June 2021.<\/p>\n<p>SCI has no direct employees as its SCI\u2019s investment activities are managed and administered by its Investment Manager, Sygnus Capital Limited (SCL)<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a> (Chart 1).\u00a0 SCL is a licensed securities dealer in Jamaica and is regulated by the Financial Services Commission<a id=\"_ftnref2\" href=\"#_ftn2\"><sup>[2]<\/sup><\/a>.<\/p>\n<p><strong>Chart 1<\/strong><\/p>\n<p><strong>SCI\u2019s Corporate Structure as at June 2021<\/strong><\/p>\n<p><em>Source: Sygnus Group<\/em><\/p>\n<p><strong>\u00a0<\/strong><a id=\"_ftn1\" href=\"#_ftnref1\"><sup><strong>[1]<\/strong><\/sup><\/a> On 13<sup>th<\/sup> May 2021, a new investment management agreement was put in place that effected a change in Investment Manager from Sygnus Capital Management Limited to Sygnus Capital Limited (SCL).\u00a0 SCL is a wholly owned subsidiary of Sygnus Capital Group Limited.<\/p>\n<p><a id=\"_ftn2\" href=\"#_ftnref2\"><sup><strong>[2]<\/strong><\/sup><\/a> As a registered broker, Sygnus Capital is committed to assisting local and regional clients to access financing through the debt or equity capital markets, as well as non-traditional channels through their Private Credit Investment companies which include SCI.<\/p>\n<p><em>Analytical Contacts:<\/em><\/p>\n<p><strong>Musa Abdullah<\/strong><\/p>\n<p><em>Tel: 1-868-627-8879 Ext. 233<\/em><\/p>\n<p>E-mail: <a href=\"mailto:mabdullah@caricris.com\">mabdullah@caricris.com<\/a><\/p>\n<p><strong>Anelia Oudit <\/strong><\/p>\n<p><em>Tel: 1-868-627-8879 Ext. 226<\/em><\/p>\n<p><em>Mobile: 1-868-487-8364<\/em><\/p>\n<p>E-mail: <a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/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><span style=\"font-size: 8pt;\"><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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors: Adequate financial performance supported by growing revenue and profits Consistent asset growth supported by moderately diversified interest-earning assets with good asset quality. Adequate governance structure and risk management Generally favorable capitalization and liquidity levels, but high cost of funds Constraining Factors: Small size may hamper growth potential Exposure to sovereigns with [&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-2862","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>Sygnus Credit Investments Limited - 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\/sygnus-credit-investments-limited-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sygnus Credit Investments Limited - CariCRIS\" \/>\n<meta property=\"og:description\" content=\"RATING DRIVERS Supporting Factors: Adequate financial performance supported by growing revenue and profits Consistent asset growth supported by moderately diversified interest-earning assets with good asset quality. 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