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Sovereign Debt
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RatingMonitor
2
CariCriS rating Monitor
CariCriS rating Monitor
www.caricris.com
3CariCRIS Rating Monitor
Features
News from CariCRIS
CariCRIS Rating Rationale Summaries
4
www.caricris.com
CariCriS rating Monitor
Month Workshop Location
Oct 2012 Intensive Credit Risk Analysis Workshop (2 days) Suriname
Nov 2012 Credit Risk Analysis of Insurance Companies & Securities
Companies (1 day)
Trinidad
Feb 2013 Financial Ratio Analysis Workshop (2 days) St. Kitts
Mar 2013 Fundamentals of Financial Risk Management (1 day) Barbados and Jamaica
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CariCriS rating Monitor
Overview
WebelievetheCaribbeansovereignsandsomecrises-strickenEuropeannationssharevariousvulnerabilities,suchasalargegovernmentdebtoverhang,inflexibleexchangerateregimes,fiscalimbalances,persistentlylargeexternalcurrentaccountdeficits,andstructuralweaknesses.
Thecomparisonoftwomonetaryunions-EMUandECCU-isparticularlyinterestingasweseethatbothunionsshareanumberofsimilarstructuralinefficienciesandpolicyconstraints.
AnalysisofhowvariousCaribbeanandEuropeansovereignsrespondtotheadverseshockspresentsanopportunitytolearnaboutdifferentpolicychoices,successesandfailures.DrawingonEuropeancountriesexperiencescouldhelpCaribbeanregiontominimizeitsfuturevulnerabilities.
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Trin
idad
& To
bago
Aru
ba
The
Baha
mas
Barb
ados
Beliz
e
Jam
aica
Gre
nada
Port
ugal
Irela
nd
Gre
ece
Latv
ia
Icel
and
Standard & Poors 2012.
Average Real GDP Growth (2009-2011)
(%)
321
(1)(2)(3)(4)(5)
0
Chart 1
Table 1
Foreign Currency Rating: European and Caribbean Peers
2008 2009 2010 2011 2012 throughMay
Number of notches down from FC ratings in 2008
Aruba A- A- A- A- A- 0
Bahamas A- BBB+ BBB+ BBB BBB 2
Barbados BBB+ BBB BBB- BBB- BBB- 2
Belize B B B B- CCC- 4
Jamaica B CCC B- B- B- SD in 2010
Grenada B- B- B- B- B- 0
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CariCriS rating Monitor
Labor Unit Cost In Eurpose (Base Year 1999=100)
Standard & Poors 2012.Standard & Poors 2012.
Portugal Ireland Greece Germany
Source: OECD Countries
Chart 2
Table 1
Foreign Currency Rating: European and Caribbean Peers (cont.)
2008 2009 2010 2011 2012 throughMay
Number of notches down from FC ratings in 2008
Trindad & Tobago A A A A A 0
Cyrpus A+ A+ A BBB BB+ 6
Estonia A A- A AA- AA- (2)
Iceland BBB- BBB- BBB- BBB- BBB- 0
Latvia BBB- BB BB+ BB+ BBB- 0
Lithuania BBB+ BBB BBB BBB BBB 1
Portugal AA- A+ A- BBB- BB 6
Ireland AAA AA A BBB+ BBB+ 7
Greece A BBB+ BB+ CC CCC SD in 2012
Ratings reflect end of year rating for each sovereign. See Standard & Poors Sovereign Rating & Country T&C Assessment Histories, Rating Direct May 8, 2012 (FC rating updated up to May 19, 2012.)
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Table 2
Total Factor Productivity And Contribution To GDP Growth For The Median Caribbean Country From 1971 To 2007
Contribution to GDP Growth (%)
GDP Growth Physical Capital Labor TFP
1971 - 1980 5 1.9 0.4 2.7
1981 - 1990 5.1 1.4 2.3 1.3
1991 - 2000 3.2 0.8 1.6 0.9
2001 - 2007 3.5 1.9 1.2 0.5
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CariCriS rating Monitor
General Government Debt Increase In Percentage Of GDP In Four Years Prior To Crisis
(%)
Note: Portugal, Ireland, Greece, Lativia, Cyprus, and Iceland debt increases taken from2007-2011, Jamaica from 2006-2010, Belize from 2002-2006, Grenada from 2000-2004.
Standard & Poors 2012.
Chart 3
Net General Government Debt, 2011
Standard & Poors 2012.
Trin
idad
& To
bago
Arub
a
The
Baha
mas
Barb
ados
Beliz
e
Jam
aica
Gren
ada
Port
ugal
Irela
nd
Gree
ce
Latv
ia
Icel
and
(%) of GDP
Chart 4
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External Financing Needs, 2011
(%) of CAR and usable reserves)
Standard & Poors 2012.
Chart 5
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CariCriS rating Monitor
www.caricris.com
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CariCriS rating Monitor
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SME Performance Grading Chart
GRADE DEFINITION DESCRIPTION
SME 1 Excellent Displays excellent business and financial perfor-mance and has excellent prospects for sustaining this performance
SME 2+ Strong Displays better than average performance with rea-sonable prospects for improving its performance
SME 2- Strong Displays better than average performance with rea-sonable prospects for maintaining its performance
SME 3+ Average Displays average performance with reasonable pros-pects for improving its performance
SME 3- Average Displays average performance with reasonable pros-pects for maintaining its performance
SME 4 Below Average Displays less than average business and financial performance and has below average prospects for improving or even sustaining its performance
SME 5 Weak/Vulnerable
Displays weak performance and is highly vulnerable with low prospects for maintaining viability
Relationship diagram forSME Performance Grading Categories
Industry Risk
Business Risk
FinancialRisk
FINAL
PERFORMANCE
GRADING
Management Risk
Market Position
Operating Efficiency
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CariCriS rating Monitor
CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA
CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-)
(1) A regional scale comparison is more useful and relevant particularly where the region's economies tend to be similar in economic, political and demographic structure.
(2) A regional rating is able to include far more locally and regionally contextual issues than can a global scale rating.
(3) (3) By focusing on the Caribbean alone, CariCRIS ratings enhance the quality and extent of differentiation across local and regional credits providing the most relevant and comprehensive information about regional credits to all investors regional and global.
Why a Regional Credit Rating Agency?
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CariCriS rating Monitor
Caribbean Sovereign Credit Ratings Table
CariCRIS S&P Moodys
Anguilla CariA- (FC & LC) - -
Bahamas - BBB/Stable (FC & LC) A3/Negative (FC & LC)
Barbados CariAA- (FC)CariAA (LC)
BB+/Stable (FC & LC) Baa3/Negative (FC & LC)
Belize - SD (FC)CCC+/Stable/C (LC)
Ca/Negative (FC) Caa3/Negative (LC)
Grenada - B-/Stable (FC & LC) -
Jamaica - B-/Stable (FC & LC) B3/Stable (FC & LC)
Montserrat - BBB-/Stable (FC & LC) -
Saint Lucia CariBBB+ (FC & LC)
- -
Saint Vincent & the Grendadines
- - B1/Stable (FC & LC)
Trinidad & Tobago CariAAA (FC & LC)
A/Stable (FC & LC) Baa1/Stable (FC & LC)
CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) Cari
Tel: (868)627 8879, Fax: (868)625 8871, Email: [email protected]
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Are you a Micro, Small or Medium Enterprise, seeking....
+ A loan or line of credit from a financial institution+ Credit from an international supplier+ To bid for a project, or+ To improve your business operations for greater efficency and profitability
+ Very affordable+ Accompanied by a comprehensive report on your company+ Excellent value for your money+ Completed within 3 weeks
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CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariCariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariBBB (+/-) Cari
Tel: (868)627 8879, Fax: (868)625 8871, Email: [email protected]
Contact CariCRIS now to arrange a SME Rating for your business.
CariCRIS SME Ratings are:
Are you a Micro, Small or Medium Enterprise, seeking....
+ A loan or line of credit from a financial institution+ Credit from an international supplier+ To bid for a project, or+ To improve your business operations for greater efficency and profitability
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22
CariCriS rating Monitor
USD 5 million Debt Issue
(Notional) July 2012
CariBBB (Regional Scale Foreign Currency)
CariBBB+ (Regional Scale Local Currency)
jmAA- (Jamaica National Scale)
Analytical Contacts:Arjoon Harripaul Tel: 1-868-627-8879 E-mail: [email protected]
Andre Joseph Tel: 1-868-627-8879 E-mail: [email protected].
www.caricris.com
23
!
Loan Profile by Industry as at March 2012
Manufacturing
AgricultureTourism
Services / Distribution & Transportation
Quarry / Mining
32.7%
25.6%
13.1%0.9%
27.8%
24
CariCriS rating Monitor
www.caricris.com
25
26
CariCriS rating Monitor
FY2011/12* FY2010/11 FY2009/10 FY2008/09 FY2007/08
Equity CapitalTangible Net Worth^Total Assets^Total RevenueProfit After Tax
Interest Rate SpreadTotal Expenses/ Total RevenueNet Interest Income/ Average Earning AssetsProfit After Tax/ Average Earning AssetsTangible Net Worth/ Adjusted AssetsCapital AdequacyNon-Performing Loan/ Total Loans
Debt/ Tangible Net Worth
J$ Million
1,7589,96621,9561,675692
1,7589,53148,4811,524724
1,7589,08849,2391,183316
308,79646,2881,401417
305,85445,7571,587327
%
1.233.92.22.145.435.53.4
0.834.61.81.619.737.84.2
0.835.31.80.718.535.23.1
1.141.02.11.019.040.817.1
1.429.929.91.012.823.115.2
Times
1.2 4.0 4.4 4.2 6.2
Source: DBJ Annual Reports* Financial Year runs from April 1 to March 31^ Tangible Net Worth and Total Assets excludes revaluation reserves, intangibles and the Credit Enhancement Fund
www.caricris.com
27
USD 10 million Debt Issue
July 5, 2012
CariBBB- (Regional Scale Foreign Currency)
CariBBB- (Regional Scale Local Currency)
Analytical Contacts:Arjoon Harripaul Tel: 1-868-627-8879 E-mail: [email protected]
Sherry Ann Persad Tel: 1-868-627-8879 E-mail: [email protected]
28
CariCriS rating Monitor
www.caricris.com
29
Chart 1
23.5%
19.8%24.6%
23.5%
4.0%4.5%0.1%
Education Mortagage Tourism
Industrial Agricultural Other Consumers
Distribution and Commerce
Source: DAID Bank
Loan Portfolio by Industry for FY2011
30
CariCriS rating Monitor
www.caricris.com
31
0
5
10
15
20
25
30
35
40
Mar-12Jun-11Jun-10Jun-09Jun-08Jun-07Jun-06Jun-05Jun-04
Financial Year
% of Gross Loans
Non-Performing Loans Loan Loss Provisions
Source: DAID Bank
Non-Performing Loan and Loan Loss Provisions
Chart 2
3.7%
43.2%
41.2%0.4%
41.2%
0.5%
0.4%
10.6%
Education
Housing
Agriculture
Manufacturing, Services &Transport
Tourism
Personal & Other
Infrastructure
Rescheduled Loans by Sector for FY2011
Chart 3
Source: DAID Bank
32
CariCriS rating Monitor
9 Mths toMarch 2011
9 Mths toMarch 2012
FY2011* FY2010 FY2009 FY2008 FY2007
Total AssetsEquity CapitalTangible Net WorthTotal IncomeOperating Expenses (incl. Depreciation)PAT
Total Expenses/ Total IncomePAT/ Average Earning AssetsTangible Net Worth/ Adjusted Assets
Debt/ Tangible Net Worth
EC $000
142,257.317,547.629,695.55,901.03,767.5859.8
182,143.447,970.261,683.96,592.94,766.9386.4
182,081.947,970.261,160.68,266.15,169.83,060.3
132,538.117,547.632,566.98,636.14,818.01,205.8
130,652.017,547.631,222.57,064.54,063.5582.7
131,343.517,547.630,232.37,852.53,946.81,957.3
131,050.117,547.629,823.48,218.54,072.52,292.2
%
63.80.720.9
72.30.333.9
62.52.033.6
55.81.024.6
57.50.523.6
50.31.623.0
49.61.922.8
Times
3.6 1.8 1.9 2.9 3.0 3.2 3.3
Source: DAID Bank Financial Statements*FY - Financial Year runs from July 1st to June 30th
www.caricris.com
33
USD 50 million Debt Issue
(Initial Rating)
CariBBB+ (Regional Scale Foreign Currency)
CariBBB+ (Regional Scale Local Currency)
USD 38 million Debt Issue
(Reaffirmed)
April 24, 2012
CariBBB+ (Regional Scale Foreign Currency)
CariBBB+ (Regional Scale Local Currency)
Analytical Contacts:Arjoon Harripaul Tel: 1-868-627-8879 E-mail: [email protected]
Sherry Ann Persad Tel: 1-868-627-8879 E-mail: [email protected]
34
CariCriS rating Monitor
www.caricris.com
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36
CariCriS rating Monitor
-40
-30
-20
-10
0
10
2007 2008 2009 2010 2011
Current Account Balance Financial Account Balance Overall External Balance
Source: CariCRIS Sovereign Spreads, ECCB Estimates
Year
% of GDP
Chart 1 : Balance of Payments Indicators 2007-2011
www.caricris.com
37
Summary Fiscal Performance Highlights
FY2007/08 - FY2011/12
FY2007/08 FY2008/09 FY2009/10 FY2010/11 FY2011/12*
Total RevenueCurrent RevenueTotal Recurrent ExpenditureCapital ExpenditureTotal Expenditure
Total RevenueRecurrent RevenueTotal Recurrent ExpenditureCaptial ExpenditureTotal Expenditure
753.1741.2663.1230.7811.3
829.0804.9734.5208.2856.8
826.8759.6771.4241.4925.1
875.9789.2833.2298.61,041.0
931.0838.1884.9402.61,187.3
% Change
12.013.02.6-20.7-4.1
10.18.610.8-9.85.6
-0.3-5.65.015.98.0
5.93.98.023.712.5
6.36.26.234.814.0
Source: Ministry of Finance, Saint Lucia e: Estimated
Source: CariCRIS Sovereign Spreads, ECCB Estimates
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
2007 2008 2009 2010 2011% of
GDP
YearCurrent Account Balance Overall Fiscal Balance
Primary Balance
Chart 2 : Current Account, Overall Fiscal and Primary BalancesFY2007/08-FY2011/12
38
CariCriS rating Monitor
www.caricris.com
39
2011 2010 2009 2008 2007
Income & Economic Structure
Nominal GDP (US $ mn.)
Nominal GDP Per Capita (US$)
Real GDP Growth (%)
Unemployment Rate (%)
Human Development Index
Transparency Intl Corruption Perception Country Rank
1,229.6
6,939.1,
1.0
n.a
82/187
25/183
1,213.2
6,983.5
0.6
20.6
-
-
1,177.5
6,831.0
0.3
20.5
69/182
22/180
1,177.9
4,761.9
5.2
16.8
66/179
24/179
1,136.8
4,658.5
2.4
14.7
72/177
na
2011 2010 2009 2008 2007
Fiscal Accounts (% of GDP)
Central Govt Current Revenue
Central Govt Current Expenditure
Central Govt Current Balance
Central Govt Capital Expenditure
Central Govt Primary Balance
Central Govt Overall Balance
Central Govt Gross Debt
General Govt Gross Debt
25.4
23.8
1.7
12.2
-4.4
-7.7
62.7
68.5
24.6
23.2
1.4
9.3
-2.0
-5.2
55.9
62.2
24.8
20.2
4.6
6.2
1.8
-0.8
51.6
57.7
23.7
18.8
4.9
5.8
2.2
-0.8
50.8
55.7
23.6
19.4
4.2
10.0
-2.6
-5.6
52.0
56.9
2011 2010 2009 2008 2007
Monetary, Financial & Exchange Rate Indicators
Consumer Price Index (end of period)
Consumer Price Index (annual average)
Credit to the Private Sector & NFPE (% of GDP)
Credit to the Private Sector & NFPE (YOY change %)
Non-Performing Loans/ Total Loans (%)
Provision for NPL (% of NPL)
Banking Sector Capital Adequacy Ratio (%)
Base Money (YOY change)
Broad Money or Money Supply (YOY change %)
Average Bank Deposit Rate (%)
Average Bank Lending Rate (%)
Interest Rate Spread
Nominal Exchange Rates (per US $)
Real Effective Exchange Rates (YOY change %)
4.8
2.8
120.9
2.4
13.2
36.2
19.0
1.5
6.7
3.1
9.0
6.0
2.7
-1.1
4.2
3.3
121.3
1.2
12.4
23.2
18.6
9.8
1.9
3.3
9.5
6.2
2.7
-0.4
-3.1
-0.2
130.0
2.2
7.9
31.4
18.3
10.2
1.3
3.1
9.7
6.6
2.7
3.8
3.8
8.2
130.4
10.0
6.6
37.5
17.5
3.1
6.7
3.2
9.6
6.4
2.7
4.3
8.2
3.1
124.3
25.9
5.8
45.5
20.4
7.6
6.8
3.1
8.8
5.8
2.7
-3.4
2011 2010 2009 2008 2007
External Sector Indicators
Current Account Balance (% of GDP)
Capital & Financial Account Balance (% of GDP)
Overall External Balance (% of GDP)
External Public Debt (% of GDP)
Gross International Reserves (US $ mn.)
Net International Reserves (US $ mn.)
Gross International Reserves (in months of imports)
Total Debt Service (% of exports of GNFS)
Gross Financing Requirements/ Reserves (%)
-15.4
17.8
2.4
33.9
305.5
64.4
4.7
11.6
70.8
-14.4
17.0
2.6
32.5
307.0
97.5
4.7
10.7
72.4
-11.9
14.7
2.6
32.5
307.0
97.5
4.7
10.7
72.4
-29.4
28.5
-0.9
30.9
258.4
11.0
4.0
11.3
143.9
-30.3
31.9
1.6
35.5
304.6
103.6
5.0
14.6
119.2
Selected Economic and Social Indicators 2007-2011Selected Economic and Social Indicators 2007-2011
40
CariCriS rating Monitor
USD 10 million Debt Issue
(Notional)
July 2012
CariA+ (Regional Scale Foreign Currency)
CariA+ (Regional Scale Local Currency)
ttA+ (Trinidad and Tobago National Scale)
Chart 1: Contribution to Revenue by Business Division for 2011
42.6%
17.1%
13.4%
14.2%6.0%3.5%
3.2%
PPE Engineering Services Industrial Sales
EIA Upstream EnergyTesting & Inspection Safety Sales
Source: TOSLs 2011 Audited Financial Statements
Analytical Contacts:Arjoon Harripaul Tel: 1-868-627-8879 E-mail: [email protected]
Kathryn Budhooram Tel: 1-868-627-8879 E-mail: [email protected]
www.caricris.com
41
42
CariCriS rating Monitor
0
2
4
6
8
10
12
14
16
18
20
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011
TimesTimes
Financial Year
Debt / Equity Interest Cover
Chart 2: Gearing and Interest Cover
www.caricris.com
43
44
CariCriS rating Monitor
2011* 2010 2009 2008^ FY2007
Operating RevenueEBITDAPATNet Cash AccrualsEquity Share CapitalTangible Net Worth
Gross Profit MarginEBITDA MarginPAT MarginROCE
Interest CoverNet Cash Accurals/ Total DebtTotal Debt/ Tangible Net WorthDSCRCurrent Ration
TT$ Million
243.146.926.730.929.6145.6
243.545.218.823.429.6122.6
199.831.81317.229.6110.9
366.866.241.143.329.6101.2
207.423.316.215.629.655.6
%
42.519.110.923.3
38.118.57.720.1
3815.86.514.3
4017.911.143.9
26.511.17.822
Times
18.710.21.72.7
9.50.60.31.22.4
4.80.30.60.82
5.70.70.6(0.2)2.3
6.50.40.80.91.6
Source: TOSL Audited Financial Statements^ 22 Months to December 2008 as a result of a change in the financial year end to December from February* Financial Year runs from January-December
45
Entity Issue Ratings
1 The National Gas Company of Trinidad and Tobago
USD 400 Million Debt Issue CariAAA (Regional Scale Foreign Currency)CariAAA (Regional Scale Local Currency)ttAAA (Trinidad & Tobago National Scale)
2 Phoenix Park Gas Processors Limited USD 185 Million Debt Issue CariAAA (Regional Scale Foreign Currency)CariAAA (Regional Scale Local Currency)ttAAA (Trinidad & Tobago National Scale)
3 Goddard Enterprises Limited USD 16 Million Debt Issue (Notional)
CariAA- (Regional Scale Foreign Currency)CariAA (Regional Scale Local Currency)bbAA (Barbados National Scale)
4 St. Lucia Electricity Services Limited USD 15 Million Debt Issue (Notional)
CariBBB (Regional Scale Foreign Currency)CariBBB (Regional Scale Local Currency)
5 Government of the Republic of Trinidad and Tobago
USD 500 Million Debt Issue (Notional)
CariAAA (Regional Scale Foreign Currency)CariAAA (Regional Scale Local Currency)ttAAA (Trinidad & Tobago National Scale)
6 Government of Barbados USD 300 Million Debt Issue (Notional)
CariAA- (Regional Scale Foreign Currency)CariAA (Regional Scale Local Currency)
7 Government of Anguilla USD 25 Million Debt Issue (Notional)
CariA- (Regional Scale Foreign Currency)CariA- (Regional Scale Local Currency)
8 Pan Caribbean Financial Services Limited
USD 25 Million Debt Issue (Notional)
CariBBB- (Regional Scale Foreign Currency)CariBBB (Regional Scale Local Currency)jmA+ (Jamaica National Scale)
9 Republic Bank Limited TTD 1 Billion Debt Issue CariAA+ (Regional Scale Foreign Currency)CariAA+ (Regional Scale Local Currency)ttAA+ (Trinidad & Tobago National Scale)
10 Eastern Caribbean Home Mortgage Bank USD 30 Million Debt Issue (Notional)
CariAA- (Regional Scale Foreign Currency)CariAA- (Regional Scale Local Currency)
11 NCB Capital Markets Limited USD 25 Million Debt Issue (Notional)
CariBBB- (Regional Scale Foreign Currency)CariBBB (Regional Scale Local Currency)jmA+ (Jamaica National Scale)
12 National Commercial Bank Jamaica Limited
USD 75 Million Debt Issue (Notional)
CariBBB (Regional Scale Foreign Currency)CariBBB+ (Regional Scale Local Currency)jmAA- (Jamaica National Scale)
13 Sagicor Life Jamaica Limited USD 75 Million Debt Issue (Notional)
jmAAA (Jamaica National Scale)
14 Government of Saint Lucia USD 38 Million Debt Issue (Notional)
CariBBB+ (Regional Scale Foreign Currency)CariBBB+ (Regional Scale Local Currency)
15 TOSL Engineering Limited USD 10 Million Debt Issue (Notional)
CariA+ (Regional Scale Foreign Currency)CariA+ (Regional Scale Local Currency)
16 Dominica Agricultural, Industrial & Development Bank
USD 10 Million Debt Issue (Notional)
CariBBB- (Regional Scale Foreign Currency)CariBBB- (Regional Scale Local Currency)
17 Development Bank of Jamaica USD 5 Million Debt Issue (Notional)
CariBBB (Regional Scale Foreign Currency)CariBBB+ (Regional Scale Local Currency)jmAA- (Jamaica National Scale)
18 Government of the Commonwealth of Dominica
USD 25 Million Debt Issue (Notional)
CariBBB- (Regional Scale Foreign Currency)CariBBB- (Regional Scale Local Currency)
www.caricris.com
46
DefinitionsRegional scale ratings use the listed rating symbols with the prefix Cari while national scale ratings use
the above symbols with the prefix applicable for the respective national scale bb for the Barbados
national scale, jm for the Jamaica national scale and tt for the Trinidad and Tobago national scale.
The long-term rating scale is used for debt instruments with original tenure of more than 1 year, whereas
the short-term ratings scale is used for commercial paper or debt instruments with tenure of less than
1 year.
REGIONAL RATING SCALE : The rating indicates that the level of creditworthiness of an obligation/obli-
gor adjudged in relation to other obligations/obligors in the Caribbean* is. (as per the table).
NATIONAL RATING SCALE: The rating indicates that the level of creditworthiness of an obligation/obli-
gor adjudged in relation to other obligations/obligors in [country name] (e.g. Jamaica) is (as per the
table above). * The term Caribbean as used here covers the following countries: Bahamas, Barbados, Belize, Costa Rica, Dominican Republic, Guyana, Haiti, Jamaica, Panama, Suriname, Trinidad and Tobago and the following countries in the OECS Anguilla, Antigua & Barbuda, Dominica, Grenada, Montserrat, St. Kitts & Nevis, Saint Lucia and St. Vincent & the Grenadines.
Regional National Definition
CariAAA **AAA Highest
CariAA (+/-) **AA (+/-) High
CariA (+/-) **A (+/-) Good
CariBBB (+/-) **BBB (+/-) Adequate
CariBB (+/-) **BB (+/-) Below Average
CariB (+/-) **B (+/-) Weak
CariC(+/-) **C(+/-) Poor
CariD **D Default
Regional National Definition
CariP1 / P1+ **P1 / P1+ Highest
CariP2 / P2+ **P2 / P2+ High
CariP3 / P3+ **P3 / P3+ Average
CariP4 / P4+ **P4 / P4+ Below Average
CariP5 / P5+ **P5 / P5+ Default
CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariCariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP1 / P1+ CariP2 / P2+ CariP3 /CariP4 / P4+ CariP5 A (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB
(+/-) (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP1 / P1+ CariP2 / P2+ CariP3 /CariP4 / P4+ CariP5 A (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariCariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3
Tel: (868)627 8879, Fax: (868)625 8871, Email: [email protected]
ADVANTAGES+ Alignment with best practices in International capital markets.
+ Increased access to funding and increased visibility with international investors.
+ Cost benefits: Reduced cost of borrowings.
++ Increased financial discipline and an independent diagnostic analysis.
+ Opportunity to contribute to the development of the regions capital markets.
+ An ideal pre-cursor to an International rating.
Call or email us to find out more about our products and services.
Regional Credit Rating
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CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariCariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP1 / P1+ CariP2 / P2+ CariP3 /CariP4 / P4+ CariP5 A (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB
(+/-) (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariCariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP1 / P1+ CariP2 / P2+ CariP3 /CariP4 / P4+ CariP5 A (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariCariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3+ CariP4 / P4+ CariP5 / P5+ CariP1 / P1+ CariP2 / P2+ CariAAA CariA (+/-) CariBBB (+/-) CariBB (+/-) CariB(+/-) CariC(+/-) CariD CariAAA CariA (+/-) CariP1 / P1+ CariP2 / P2+ CariP3 / P3
Tel: (868)627 8879, Fax: (868)625 8871, Email: [email protected]
ADVANTAGES+ Alignment with best practices in International capital markets.
+ Increased access to funding and increased visibility with international investors.
+ Cost benefits: Reduced cost of borrowings.
++ Increased financial discipline and an independent diagnostic analysis.
+ Opportunity to contribute to the development of the regions capital markets.
+ An ideal pre-cursor to an International rating.
Call or email us to find out more about our products and services.
Regional Credit Rating