The credit ratings of PBS Technologies (Trinidad) Ltd’s US$40 million bond issue have been reaffirmed by Caribbean Information and Credit Rating Services Ltd (CariCRIS). In a statement released on June 27, CariCRIS confirmed the ratings of CariA- (foreign currency rating) and CariA (local currency rating) on the regional scale, as well as jmAA (foreign currency rating) and jmAA+ (local currency rating) on the Jamaican national scale.
What exactly does this mean? Essentially, these ratings indicate the level of creditworthiness of the bond compared to other obligations in the Caribbean and Jamaica, respectively. In simpler terms, it’s good for regional scale and high for national scale. A positive outlook has also been placed on the company’s performance, with expectations of growth by the end of the year.
What is a bond issue, you ask? It’s a certificate of debt issued by a government or corporation to raise money, which requires fixed payments until maturity. With improved supply chain conditions and growing demand for their products and services, PBS Technologies is expected to see a more than 10% increase in profit after tax in 2024.
The company’s risk profiles in the countries of operation have also improved, signaling more revenue opportunities in the near future. PBS Technologies (Trinidad) Ltd, previously known as Massy Technologies (Trinidad) Ltd, was acquired by Musson Jamaica Ltd in 2020, along with Massy Technologies (Guyana) Ltd.
