NOTEWORTHY - Pan Caribbean reaffirmed
Published: Friday | February 13, 2009
Caribbean Information and Credit Rating Services Limited (CariCRIS), the Caribbean regional credit rating agency, has re-affirmed the ratings of jmA+ for Pan Caribbean Financial Services Limited.
The agency has also reaffirmed its foreign currency ratings of CariBBB- and local currency rating of CariBBB for the company's US$25 million debt issue.
"The ratings of PCFS continue to reflect the company's strong capitalisation levels underpinned by a large net worth base and high coverage provided by the net worth to an interest rate shock," said CariCRIS.
"The ratings also reflect a good mix of retail and institutional funding that is biased to the retail sector which enables the company to enjoy a relatively stable funding base, although funding costs have been increasing and concentration levels remain high."