Caribbean Data and Credit score Score Companies Restricted (CariCRIS) has affirmed an funding grade credit standing with a steady outlook for Cornerstone Monetary Holdings Restricted (CFHL), the bulk shareholder of Barita Investments Restricted (Barita).
This ranking independently confirms the corporate’s monetary power and stability and marks the continued evolution of Cornerstone as a formidable funding holding firm within the area, the corporate mentioned in a launch.
CariCRIS initially awarded CFHL with an funding grade ranking of jmA (Native Foreign money Score) and jmA- (International Foreign money Score) on the Jamaica nationwide scale and CariBBB+ (Native Foreign money Score) and CariBBB (International Foreign money Score) on the regional scale in August of 2023. These rankings have been lately affirmed, with the rankings indicating that CFHL’s degree of creditworthiness in relation to different obligors within the Caribbean is ample and, in relation to different obligors in Jamaica, good. The company has additionally assigned a steady outlook to those rankings.
In its launch, CariCRIS famous that the steady outlook displays an expectation of continued profitability over the following 12 to fifteen months, primarily pushed by honest worth positive factors and dividend earnings from its main subsidiary, Barita. The outlook is additional bolstered by CFHL’s progress initiatives, together with increasing operations for Cornerstone United Holdings USA Included (CUH USA) and Cornerstone Monetary Holdings Restricted USA Included (CFHL USA).
CariCRIS anticipates that CFHL can be well-positioned to fulfill its debt obligations whereas sustaining sturdy capitalization and liquidity. It additionally recognises the pending acquisition of the Clarien Group and the continuing reorganization efforts, which is able to improve diversification throughout the group.
The rankings mirror CFHL’s standing as an funding holding firm related to one among Jamaica’s established funding banks, with a robust governance construction and strong threat administration practices.
In response to the CariCRIS launch, CFHL’s strong capitalization and liquidity metrics additional assist the rankings. The discharge outlines {that a} credit standing improve would turn into potential with enhancements within the credit score threat profiles of each the Authorities of Jamaica and Barita and larger diversification of income streams and asset lessons following the profitable execution of reorganization and acquisition methods over the following 12 to fifteen months.
Whereas CariCRIS highlights that income focus from Barita and the present deal with the Jamaican financial system restrict the credit score rankings, CFHL believes that the efficient implementation of its progress and diversification methods will reveal the group’s substantial worth and resilience. Enhancements in governance and institutional preparations will additional strengthen CFHL’s profile over time.
CFHL emphasizes that the affirmation of its investment-grade ranking underscores the continuation of its prudent threat administration insurance policies, progress methods, and initiatives, reinforcing its place as a key participant within the Caribbean monetary panorama.
Chief Funding Officer of the Cornerstone Group, Jason Chambers acknowledged: “Cornerstone is devoted to sustaining its strong monetary standing and persistently delivering worth to its stakeholders. The ranking affirmation from CariCRIS displays CFHL’s dedication to sustainable progress and excellence.
With a deal with realizing group-wide operational efficiencies and regional growth to diversify and optimize our portfolio holdings, CFHL, and its subsidiaries are poised to unlock transformational worth aimed toward serving to to drive Jamaica’s progress and growth.”
Mark Myers, Chairman of Barita Investments Restricted, commented on the ranking. He mentioned, “For the reason that Board’s appointment in 2018, we’ve remained dedicated to sustainability and a disciplined, risk-based method to progress. Underneath the Board’s management, Barita has strengthened its governance framework, guaranteeing that we function with integrity, accountability, and a long-term strategic focus.
“The power of our human capital has been instrumental in driving resilience and flexibility, enabling us to navigate an evolving monetary panorama with confidence,” Myers mentioned, including “The credit score rankings assigned by CariCRIS mirror these efforts and reinforce our ongoing dedication to balancing alternative with prudence, creating enduring worth for our stakeholders whereas safeguarding the steadiness of the organisation.”
