Rating agency Caribbean Information and Credit Rating Services Ltd (Caricris) has reaffirmed overall “high creditworthiness” ratings for Massy Holdings Ltd and its subsidiaries.
Caricris has also maintained a stable outlook on the ratings. It explained that the stable outlook is based on its expectation of continued good financial performance by the group, supported by its ongoing regional and international expansion.
“We expect continued profitability and good cashflow from operations to support healthy financial flexibility and debt protection metrics over the next 12 to 15 months. “Moreover, we expect Massy to continue to ably manage supply chain disruptions and inflationary pressures brought about by the Russia/Ukraine conflict and the uncertain global geo-political environment,” Caricris said.
It added that Massy’s ratings continue to reflect its moderate industry diversification and good market position in the group’s three core business portfolios.
“Massy possesses a wide geographic reach, which allows the group to diversify its earnings in key operating territories where there is significant growth potential.
“The ratings are also underpinned by the group’s diverse portfolio of complementary businesses which promotes cross selling and value chain maximisation,” Caricris said.
Furthermore, it noted the group’s strong cash flows and healthy debt protection metrics continue to drive its solid financial performance
“These rating strengths are tempered by continued weak economic performance in T&T and Barbados which places downward pressure on the group’s profitability. Also, restrictions on accessing US$ liquidity in T&T remain, although improvements have been noted,” Caricris further explained.
