Barita Investments Limited has been assigned strong investment-grade issuer/corporate credit ratings by Caribbean Information and Credit Rating Services Limited (CariCRIS).

It earned initial issuer/corporate credit ratings of CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating) on the regional rating scale, and jmA (Foreign Currency Rating) and jmA+ (Local Currency Rating) on the Jamaica national scale.

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According to a release from CariCRIS, the foreign currency regional scale rating indicates Barita’s solid creditworthiness in the regional market.

“The local currency regional scale rating indicates that the level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean, is good. The national scale ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in Jamaica, is good,” the release stated.

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CariCRIS has also assigned a stable outlook on the ratings. The stable outlook is based on the high likelihood that, over the next 12 to 15 months, Barita would maintain its good market position as a growing player in the Jamaica securities industry. Additionally, Barita’s profitability is likely to improve, driven by increases in income. Moreover, Barita is expected to remain adequately capitalised, with good asset quality and liquidity, the release stated.

“The ratings of Barita reflect its growing presence and good market position in Jamaica’s financial services sector. The company also has good governance and risk management practices which drive the ratings,” CariCRIS said.

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“Furthermore, Barita’s history of good financial performance, underpinned by its good asset quality and strong capitalisation levels, supports the ratings. These rating strengths are tempered by the company’s inherent asset/liability mismatches, notwithstanding high roll-over rates of repurchase agreement (repo) funding. Concentration risk associated with Barita’s significant exposure to the Jamaican economy also constrains the ratings,” the release added.