caribbean information & credit rating services limited - rating monitor august 2012

RatingMonitor

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CariCriS rating Monitor


www.caricris.com

3CariCRIS Rating Monitor

Features

News from CariCRIS

CariCRIS Rating Rationale Summaries

www.caricris.com

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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Overview

WebelievetheCaribbeansovereignsandsomecrises-strickenEuropeannationssharevariousvulnerabilities,suchasalargegovernmentdebtoverhang,inflexibleexchangerateregimes,fiscalimbalances,persistentlylargeexternalcurrentaccountdeficits,andstructuralweaknesses.

Thecomparisonoftwomonetaryunions-EMUandECCU-isparticularlyinterestingasweseethatbothunionsshareanumberofsimilarstructuralinefficienciesandpolicyconstraints.

AnalysisofhowvariousCaribbeanandEuropeansovereignsrespondtotheadverseshockspresentsanopportunitytolearnaboutdifferentpolicychoices,successesandfailures.DrawingonEuropeancountriesexperiencescouldhelpCaribbeanregiontominimizeitsfuturevulnerabilities.

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Trin

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Aru

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The

Baha

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Barb

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Beliz

e

Jam

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Gre

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Port

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Irela

nd

Gre

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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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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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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.


Chart 3

Net General Government Debt, 2011


Trin

idad

& To

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Arub

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The

Baha

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Barb

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Beliz

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Jam

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Gren

ada

Port

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Irela

nd

Gree

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Latv

ia

Icel

and

(%) of GDP

Chart 4

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External Financing Needs, 2011

(%) of CAR and usable reserves)


Chart 5

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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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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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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]

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

+ Very affordable+ Accompanied by a comprehensive report on your company+ Excellent value for your money+ Completed within 3 weeks

Call or email us to find out more about our SME ratings.

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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


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


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


www.caricris.com

25

26


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

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27


July 5, 2012

CariBBB- (Regional Scale Foreign Currency)

CariBBB- (Regional Scale Local Currency)


Sherry Ann Persad Tel: 1-868-627-8879 E-mail: [email protected]

28


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


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


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


(Initial Rating)

CariBBB+ (Regional Scale Foreign Currency)



(Reaffirmed)

April 24, 2012

CariBBB+ (Regional Scale Foreign Currency)



Sherry Ann Persad Tel: 1-868-627-8879 E-mail: [email protected]

34


www.caricris.com

35

36


-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


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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



(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


Kathryn Budhooram Tel: 1-868-627-8879 E-mail: [email protected]

www.caricris.com

41

42


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


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


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


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


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


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


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

www.caricris.com

47

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


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

caribbean information & credit rating services limited - rating monitor august 2012

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