{"id":2922,"date":"2021-06-28T21:13:29","date_gmt":"2021-06-29T01:13:29","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2922"},"modified":"2025-07-01T21:15:11","modified_gmt":"2025-07-02T01:15:11","slug":"goddard-enterprises-limited-gel-3","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/goddard-enterprises-limited-gel-3\/","title":{"rendered":"GODDARD ENTERPRISES LIMITED (GEL)**"},"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: 10pt; line-height: 120%;\">The Group\u2019s wide geographic and industry diversity serves to temper the impact of revenue volatility<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10pt; line-height: 120%;\">Materially reduced profitability metrics over the past year driven mainly by the impact of the COVID-19 pandemic<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%;\">Continued low debt protection metrics <\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%;\">Significant sovereign risk exposure in economies in which GEL operates alongside uncertainties in the global economic environment are likely to present key downside risks to the operations and profitability of the Group<\/span><\/li>\n<\/ul>\n<p><span class=\"badge\">Rating Sensitivity Factors<\/span><\/p>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><b><span style=\"text-decoration: underline;\"><span style=\"font-size: 10pt; line-height: 120%;\">Factors that could, individually, or collectively lead to an improvement in the ratings and\/ or outlook include:<\/span><\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10pt; line-height: 120%;\">An improvement in the effective DSCR to more than 2.0 times for 2 consecutive years.<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%;\">Revenue increases by more than 10% per annum for 2 consecutive years.<\/span><\/li>\n<\/ul>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><b><span style=\"text-decoration: underline;\"><span style=\"font-size: 10pt; line-height: 120%;\">Factors that could, individually, or collectively lead to a lowering of the ratings and\/ or outlook include:<\/span><\/span><\/b><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 10pt; line-height: 120%;\">A decline in the effective DSCR to less than 1 time for 2 consecutive years.<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%;\">A decline in revenue of more than 20% per annum for 2 consecutive years due to the challenging economic conditions in GEL\u2019s main markets.<\/span><\/li>\n<li><span style=\"font-size: 10pt; line-height: 120%;\">End of year financial performance that is materially lower than that projected by CariCRIS<\/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=\"margin-bottom: 0cm; text-align: justify; line-height: normal; padding: 0cm;\"><b><span style=\"font-size: 12pt;\">COMPANY BACKGROUND<\/span><\/b><\/p>\n<\/div>\n<p><span style=\"line-height: 120%;\">Incorporated in 1921, Goddard Enterprises Limited (\u201cGEL\u201d or \u201cthe Group\u201d), started with the opening of a meat and grocery store in Bridgetown by Joseph Nathaniel Goddard and his son, Victor. This family-run business was converted into a public company in 1978, with the Goddard family retaining a majority shareholding (64%). GEL is now the fourth-largest conglomerate (by assets) operating in Barbados. As of September 2020, it comprised 78 subsidiaries and 33 associated companies employing over 4,700 persons. Its operations, which are spread over 24 industries and 25 countries throughout the Caribbean and Latin America are classified into 4 divisions; namely: (i) automotive, building supplies and services, (ii) manufacturing and services, (iii) catering and ground handling services, and (iv) Caribbean Distribution Partners Limited (CDP<\/span><a id=\"ftnref1\" style=\"vertical-align: super;\" href=\"#ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a><span style=\"font-size: 9pt; line-height: 120%;\">)<\/span><span style=\"line-height: 120%;\">.<\/span><\/p>\n<p><a id=\"ftn1\" style=\"vertical-align: super;\" href=\"#ftnref1\"><b>[1]<\/b><\/a> CDP is a group of 6 Fast Moving Consumer Goods (FMCG) distribution companies operating in Trinidad and Tobago, Barbados, Grenada, St. Vincent and the Grenadines, Saint Lucia, and Guyana. CDP is owned by the Agostini Group and GEL through a 50:50 joint venture arrangement.<\/p>\n<p style=\"margin-bottom: 0cm; line-height: 150%;\"><i><span style=\"font-size: 10pt; line-height: 150%;\">Analytical Contacts:<\/span><\/i><\/p>\n<p><span style=\"font-family: 'Book Antiqua', serif; color: black;\">Andr\u00e9 Joseph<\/span><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt;\">Tel: 1-868-627-8879 Ext. 224<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt;\">Mobile: 1-868-788-4693<\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><i><span style=\"font-size: 8pt;\">E-mail: <a href=\"mailto:ajoseph@caricris.com\">ajoseph@caricris.com<\/a><\/span><\/i><\/p>\n<p><i><\/i><span style=\"font-family: 'Book Antiqua', serif; color: black;\">Anelia Oudit<\/span><\/p>\n<p><i><span style=\"font-size: 8pt;\">Tel: 1-868-627-8879 Ext. 226<\/span><\/i><\/p>\n<p><i><span style=\"font-size: 8pt;\">Mobile: 1-868-487-8364<\/span><\/i><\/p>\n<p><i><span style=\"font-size: 8pt;\">E-mail: <a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/span><\/i><\/p>\n<p style=\"margin-bottom: 0cm; line-height: normal;\"><span style=\"font-size: 8pt;\">Website: <\/span><a href=\"http:\/\/www.caricris.com\"><span style=\"font-size: 8pt;\">www.caricris.com<\/span><\/a><\/p>\n<p><span style=\"font-size: 8pt; line-height: 115%; font-family: 'Book Antiqua', serif;\">Email: <a>info@caricris.com<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><b><span style=\"font-size: 7.5pt; line-height: 115%;\">Disclaimer<\/span><\/b><b><span style=\"font-size: 7.5pt; line-height: 115%;\">:<\/span><\/b><span style=\"font-size: 7.5pt; line-height: 115%;\"> 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 The Group\u2019s wide geographic and industry diversity serves to temper the impact of revenue volatility Constraining Factors Materially reduced profitability metrics over the past year driven mainly by the impact of the COVID-19 pandemic Continued low debt protection metrics Significant sovereign risk exposure in economies in which GEL operates alongside uncertainties [&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-2922","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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