CariCRIS gives grade 'A' TT$ credit rating to PBS Technologies

THE Caribbean Information and Credit Rating Services Ltd (CariCRIS) has reaffirmed the credit ratings assigned to the US$40 million bond issue of PBS Technologies (Trinidad) Ltd.

CariCRIS announced the ratings in a statement on June 27.

PBS Technologies retained its ratings at CariA- (foreign currency rating) and CariA (local currency rating) on the regional rating scale; and jmAA(foreign currency rating) and jmAA+ (local currency rating) on the Jamaican national scale.

“The regional scale ratings indicate that the level of creditworthiness of this debt obligation adjudged in relation to other obligations in the Caribbean, is good,” the statement said.

“The Jamaican national scale ratings indicate that the level of creditworthiness of this debt obligation adjudged in relation to other obligations in Jamaica is high.”

A bond issue is a certificate of debt, either interest-bearing or discounted, issued by a government or corporation to raise money.

The issuer is required to pay a fixed amount annually until the bond issue matures, then a fixed sum to repay the principal of the loan.

CariCRIS also revised the outlook on the performance of the company and determined it to be positive, expecting growth by the end of this year.

“The positive outlook is based on the expectation that PBS’ profit after tax will increase by over 10 per cent in 2024, supported by improved supply chain conditions and continued growth in regional demand for the company’s products and services.”

It said better risk profiles for the company in the countries in which it operates, indicate more opportunity to garner revenue in the short to medium term.

PBS Technologies (Trinidad) Ltd, formerly Massy Technologies (Trinidad) Ltd, was acquired by Musson Jamaica Ltd in 2020.

Musson acquired Massy Technologies (Trinidad) and Massy Technologies (Guyana) Ltd.