The Jamaica National Group has retained a positive investment rating from CariCRIS, despite a slight decline in its credit ratings. The Group’s national scale ratings decreased, impacted by losses and performance issues, yet their credit outlook remains stable due to planned reorganization and divestments. CEO Earl Jarrett is optimistic about future profitability and financial inclusion initiatives.
The Jamaica National Group has retained a positive investment rating from the Caribbean Information and Credit Rating Services Limited (CariCRIS) despite a slight decrease in its Issuer/Corporate Credit Rating. After completing its annual review, CariCRIS confirmed that the Group holds 2024 regional ratings of CariBBB+ (foreign currency) and CariA- (local currency), though its national scale ratings declined to jmA (foreign currency) and jmA+ (local currency).
CariCRIS assessed the Group’s creditworthiness as good, indicating adequacy in meeting its debt obligations. The outlook remains stable, bolstered by the Group’s divestment from its UK bank subsidiary and plans for further divestments. Despite anticipated losses in the current fiscal year, the Group aims to address liquidity and return to profitability by March 2026.
Earl Jarrett, CEO of Jamaica National Group, expressed satisfaction with the ratings. He highlighted ongoing reorganization efforts focused on subsidiary sales and improving financial inclusion among a broader member base. Despite a one-notch drop in ratings locally due to persistent tax losses and negative returns on equity, the Group is committed to enhancing efficiency and expanding profitable business operations.
The Jamaica National Group’s investment status remains robust despite recent rating downgrades. The CariCRIS assessment indicates strong underlying creditworthiness, with a stable outlook supported by planned divestments aimed at recovery and efficiency. The CEO’s remarks underscore a commitment to restructuring and promoting financial inclusion to foster long-term growth and profitability.
Original Source: jamaica.loopnews.com
