{"id":2950,"date":"2021-06-07T12:42:09","date_gmt":"2021-06-07T16:42:09","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2950"},"modified":"2025-07-02T12:43:15","modified_gmt":"2025-07-02T16:43:15","slug":"seprod-limited-seprod","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/seprod-limited-seprod\/","title":{"rendered":"Seprod Limited (Seprod)"},"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: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Current portfolio of products and wide distribution reach across Jamaica underpin a strong market position<\/span><\/li>\n<li><span style=\"font-size: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">History of strong and stable financial performance characterized by healthy profitability and adequate debt protection metrics<\/span><\/li>\n<li><span style=\"font-size: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Integrated businesses and quality management practices drive sustainability <\/span><\/li>\n<li><span style=\"font-size: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Good<\/span><span style=\"font-size: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\"> corporate governance practices supported by a competent management team<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factors<\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-size: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Downside risks associated with significant sovereign risk exposure to Jamaica, coupled with uncertainties in the global economic environment are likely to impact Seprod\u2019s earnings<\/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=\"font-size: 9.5pt; 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: 9.5pt; 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: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Sustained improvement in profitability by 10% or more annually for the next 2 years<\/span><\/li>\n<li><span style=\"font-size: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">Lowering of the Group\u2019s debt to TNW ratio to below 1.5 times<\/span><\/li>\n<\/ul>\n<p style=\"margin-bottom: 0cm; text-align: justify; line-height: 120%;\"><b><span style=\"font-size: 9.5pt; 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: 9.5pt; 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: 9.5pt; line-height: 120%; font-family: 'Book Antiqua', serif;\">A fall in the Group\u2019s interest cover and effective DSCR to below 2.5 times and 1.5 times respectively, sustained for 2 years<\/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=\"text-align: justify; line-height: 120%; background: white none repeat scroll 0% 0%;\"><span style=\"line-height: 120%; font-family: 'Book Antiqua', serif; color: black;\">Seprod and its Subsidiaries (Seprod or the Group) is a food manufacturing and distribution entity, whose origination dates back to 1930 with the formation of the Jamaica Coconut Producers Association which was subsequently incorporated in 1940. In 1944, the Jamaica Coconut Producers Association acquired Soap and Edible Products Limited, which was renamed Seprod Limited in 1956. Throughout its history, Seprod has grown its business and solidified its footprint in Jamaica via mergers and acquisitions in various consumer goods segments. <\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%; background: white none repeat scroll 0% 0%;\"><span style=\"line-height: 120%; font-family: 'Book Antiqua', serif; color: black;\">Seprod has grown to be one of the largest food companies in the English-speaking Caribbean, employing over 1,750 people, with its brands represented in 21 territories around the globe. The Group\u2019s holding company was publicly listed on the Jamaica Stock Exchange (JSE) in 1985. As at March 2021, Seprod\u2019s single largest shareholder was Musson (Jamaica) Limited, owning 48.94% of the Company\u2019s outstanding shares through a combination of its direct 31.87% holding as well as the 17.07% held by its wholly owned subsidiary,<\/span><span style=\"line-height: 120%; font-family: 'Book Antiqua', serif; color: black;\"> Facey<\/span><span style=\"line-height: 120%; font-family: 'Book Antiqua', serif; color: black;\"> Group Limited.<\/span><\/p>\n<p style=\"text-align: justify; line-height: 120%; background: white none repeat scroll 0% 0%;\"><span style=\"line-height: 120%; font-family: 'Book Antiqua', serif; color: black;\">The Group\u2019s principal operating activities are categorized into 3 main pillars:- (i) Dairy, (ii) Distribution and (iii) Ingredients. Seprod\u2019s operations now include 7 wholly owned subsidiaries and 1 joint venture located in Jamaica, St. Lucia, Barbados, Trinidad and Tobago (T&amp;T) and the Dominican Republic. Seprod\u2019s portfolio of manufactured products spans 12 categories ranging across consumer food and household items, flour, packaged retail sugar, beverages, snacks, oils and fats, a range of dairy products, under brands such as Betty, Chiffon, Pronto, Gold Seal, Butterkist, Serge, Golden Grove, Miracle, Brunswick, Supligen and Swizzle, among others. As at December 2020, the Group\u2019s total assets stood at J $27.7 billion and for the year ended December 2020 total operating revenue was J $37.7 billion.<\/span><\/p>\n<p style=\"margin-bottom: 0cm; line-height: 150%;\"><i><span style=\"font-size: 10pt; line-height: 150%; font-family: 'Book Antiqua', serif;\">Analytical Contacts:<\/span><\/i><\/p>\n<p><span style=\"font-family: 'Book Antiqua', serif; color: black;\">Kathryn Budhooram<\/span><\/p>\n<p><i><span style=\"font-family: 'Book Antiqua', serif; color: black; font-weight: normal;\">Tel: 1-868-627-8879 Ext. 226<\/span><\/i><\/p>\n<p><i><span style=\"font-family: 'Book Antiqua', serif; color: black; font-weight: normal;\">E-mail: <a href=\"mailto:kbudhooram@caricris.com\">kbudhooram@caricris.com<\/a><\/span><\/i><\/p>\n<p><i><\/i><span style=\"font-family: 'Book Antiqua', serif; color: black;\">Keith Hamlet <\/span><\/p>\n<p><i><span style=\"font-family: 'Book Antiqua', serif; color: black; font-weight: normal;\">Tel: 1-868-627-8879 Ext. 229<\/span><\/i><\/p>\n<p><i><span style=\"font-family: 'Book Antiqua', serif; color: black; font-weight: normal;\">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;\">E-mail: <a>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","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors Current portfolio of products and wide distribution reach across Jamaica underpin a strong market position History of strong and stable financial performance characterized by healthy profitability and adequate debt protection metrics Integrated businesses and quality management practices drive sustainability Good corporate governance practices supported by a competent management team Constraining Factors [&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-2950","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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