Regional rating agency Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed VM Investments Limited’s overall creditworthiness ratings while maintaining a stable outlook.

VMIL has a CariBBB rating for regional scale local currency debt; jmBBB+ for Jamaica national scale foreign currency debt; and jmA- for  Jamaica national scale local currency debt.

The ratings agency’s outlook is premised on the expectation that VMIL will continue to be profitable and adequately capitalised over the short- to medium-term horizon of 12 to 15 months.

CariCRIS commended VMIL on its launch of VM Wealth Funds (Barbados) earlier this year, which deepened its operations in the Caribbean island. The investment company added to its assets under management and increased its client base, indicating that it expects this expansion to support the overall business risk profile.

VMIL also received commendations for its advances in building out its digital ecosystem, which, when fully implemented, will allow clients to continue to receive advice from financial advisors and more access to executing transactions. This is supported by the robust risk management practices which underpin the efficacy of operations.

CariCRIS acknowledged the resumption of dividend payments with a $48-million disbursement in July, a priority for the business provided the financial performance facilitates this. The resumption signals a positive outlook for the company, which is facilitated by expected improvements in the Jamaican economy, also acknowledged by Standard & Poor’s Rating agency’s revision of its outlook for Jamaica from Stable to Positive on September 24, 2024.

Chief Executive Officer of VMIL Rezworth Burchenson, welcomed the business’ upgraded ratings.

“We are pleased that CariCRIS has reaffirmed our investment-grade rating, reflecting our strong capital position, disciplined risk management, and commitment to long-term value creation for our stakeholders. As we continue to navigate dynamic market conditions, we remain focused on executing our strategic priorities,” he said.