{"id":2891,"date":"2021-07-01T20:59:00","date_gmt":"2021-07-02T00:59:00","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2891"},"modified":"2025-07-01T21:00:23","modified_gmt":"2025-07-02T01:00:23","slug":"jmmb-international-limited-4","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/jmmb-international-limited-4\/","title":{"rendered":"JMMB International Limited"},"content":{"rendered":"<h2>RATING DRIVERS<\/h2>\n<p class=\"badge\">Supporting Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Affiliation with the JMMB Group supports the growth and sustainability of JMMBIL<\/span><\/li>\n<li><span style=\"font-size: 10.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Parental Guarantee to support debt servicing if needed<\/span><\/li>\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Continued good financial performance underpinned by good asset returns <\/span><\/li>\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Favourable resource base and adequate capitalization<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Structural subordination of cash flows and refinancing risk may apply given the bond\u2019s structure<\/span><\/li>\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Exposure to the downside risks of the Jamaican and Trinidad and Tobago economy <\/span><\/li>\n<\/ul>\n<p class=\"badge\">Rating Sensitivity Factors<\/p>\n<p style=\"line-height: 120%;\"><b><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Factors that could, individually or collectively, lead to an improvement in the Ratings and\/or Outlook include:<\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">An improvement in the GOJ\u2019s credit rating over the next 12-15 months<\/span><\/li>\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">An improvement in the credit rating of JMMBIL\u2019s parent JMMB Group Limited<\/span><\/li>\n<\/ul>\n<p style=\"line-height: 120%;\"><b><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Factors that could, individually or collectively lead to a lowering of the Ratings and\/or Outlook include:<\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">A deterioration in the GOJ\u2019s credit rating over the next 12-15 months<\/span><\/li>\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">A lowering of the ratings of <\/span><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">JMMBIL\u2019s parent JMMB Group Limited<\/span><\/li>\n<li><span style=\"font-size: 10.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">A deterioration below the regulatory requirements for all operating subsidiaries in their respective jurisdictions as determined by their regulators<\/span><\/li>\n<\/ul>\n<div style=\"border-color: currentcolor currentcolor windowtext; border-style: none none solid; border-width: medium medium 1pt; padding: 0cm 0cm 1pt;\">\n<p style=\"text-align: justify; line-height: 120%; padding: 0cm;\"><b><span style=\"font-family: 'Book Antiqua', serif;\">COMPANY BACKGROUND<\/span><\/b><\/p>\n<\/div>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><span style=\"font-family: 'Book Antiqua', serif;\">JMMB International Limited (JMMBIL or the Company) was initially incorporated and domiciled in St. Lucia and was redomiciled in Barbados in February 2021. The Company is a wholly owned subsidiary of JMMB Group Limited (JMMBGL or the Group). JMMBIL forms part of the investment management arm of the JMMB Group and currently holds a portfolio of (long term value) investments, mainly comprising of Government of Jamaica (GOJ) bonds and corporate bonds. <\/span><\/p>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><span style=\"font-family: 'Book Antiqua', serif;\">In June of 2020, JMMBIL issued a bond in the amount of US $120 million, in 2 equal tranches of US $60 million each, maturing in June 2023 and June 2025. The bond issue facilitated the direct transfer of 22.5<\/span><a id=\"ftnref1\" style=\"vertical-align: super;\" href=\"#ftn1\" name=\"_ftnref1\">[1]<\/a><span style=\"font-family: 'Book Antiqua', serif;\">% equity ownership of Sagicor Financial Company (SFC)<\/span><a id=\"ftnref2\" style=\"vertical-align: super;\" href=\"#ftn2\" name=\"_ftnref2\"><sup>[2]<\/sup><\/a><span style=\"font-family: 'Book Antiqua', serif;\"> to JMMBIL from JMMBGL, with the bond issue being fully guaranteed by JMMBGL<\/span><a id=\"ftnref3\" style=\"vertical-align: super;\" href=\"#ftn3\" name=\"_ftnref3\"><sup>[3]<\/sup><\/a><span style=\"font-family: 'Book Antiqua', serif;\">. Each tranche is being serviced through semi-annual interest payments, with principal repayments to be made be by way of bullet payments upon the maturity of each tranche. This transaction was executed as a non-cash transaction and was fully subscribed. Following the transaction, the ownership of SFC shares accounts for around 57% of JMMBIL\u2019s overall earning assets portfolio.<\/span><\/p>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><span style=\"font-family: 'Book Antiqua', serif;\">Over the next 12 months, JMMBGL intends to apply for a securities dealing license for JMMBI in Barbados, where it is currently domiciled. This will allow JMMBGL to execute its regional growth ambitions and further diversify its revenues. <\/span><\/p>\n<hr style=\"text-align: left;\" size=\"1\" width=\"33%\" \/>\n<p><a id=\"ftn1\" style=\"vertical-align: super;\" href=\"#ftnref1\">[1]<\/a> <i><span style=\"font-size: 9pt; font-family: 'Book Antiqua', serif;\">Stake held in SFC has subsequently increased to 22.73% due to share buy backs <\/span><\/i><\/p>\n<p><a id=\"ftn2\" style=\"vertical-align: super;\" href=\"#ftnref2\">[2]<\/a> <i><span style=\"font-size: 9pt; font-family: 'Book Antiqua', serif;\">Sagicor Financial Company (SFC) is rated CariAA by CariCRIS Limited<\/span><\/i><\/p>\n<p><a id=\"ftn3\" style=\"vertical-align: super;\" href=\"#ftnref3\">[3]<\/a> <i><span style=\"font-size: 9pt; font-family: 'Book Antiqua', serif;\">JMMB Group Limited (JMMBGL) is rated jmA+ (Local Currency Rating) and jmA (Foreign Currency Rating) on the Jamaica national scale.<\/span><\/i><\/p>\n<p><i><span style=\"font-size: 10pt; line-height: 150%; font-family: 'Book Antiqua', serif;\">Analytical Contacts:<\/span><\/i><\/p>\n<p>Nikkel Collymore<\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Tel: 1-868-627-8879 Ext. 240<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">E-mail: <a href=\"mailto:ncollymore@caricris.com\">ncollymore@caricris.com<\/a><\/span><\/i><\/p>\n<p>Keith Hamlet<\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Tel: 1-868-627-8879 Ext. 229<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">E-mail: <a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a><\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Website: <\/span><a href=\"http:\/\/www.caricris.com\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">www.caricris.com<\/span><\/a><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt; font-family: 'Book Antiqua', serif;\">Email: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"font-size: 7.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Disclaimer<\/span><\/b><b><span style=\"font-size: 7.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">:<\/span><\/b><span style=\"font-size: 7.5pt; line-height: 115%; font-family: 'Book Antiqua', serif;\"> 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<p style=\"margin-bottom: 0cm; text-align: center; line-height: 150%;\">\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Affiliation with the JMMB Group supports the growth and sustainability of JMMBIL Parental Guarantee to support debt servicing if needed Continued good financial performance underpinned by good asset returns Favourable resource base and adequate capitalization Constraining Factors Structural subordination of cash flows and refinancing risk may apply given the bond\u2019s structure [&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-2891","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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