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JM | Oct 23, 2020

CariCRIS gives Supreme Ventures ‘Good Creditworthiness’ rating

/ Our Today

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Gary Peart, executive chairman of Supreme Ventures Ltd.

 By Durrant Pate

Regional credit ratings agency, Caribbean Information & Credit Rating Services Limited (CariCRIS) has given Supreme Ventures Limited (SVL) an overall ‘good creditworthiness’ rating.

In a statement yesterday welcoming the achievement, SVL Executive Chairman Gary Peart said the credit rating has cemented and reaffirmed SVL’s “strong focus on performance and results, coupled with its consistent and efficient management of the company’s operations”.

He added that the company continues to demonstrate its ability to innovate and show its game-changing tactics. CariCRIS has assigned initial issuer/corporate credit ratings of CariA- (Local Currency Rating) and CariBBB+ (Foreign Currency Rating) on the regional rating scale.

It has assigned a jmAA- (Local Currency Rating) on the Jamaica national scale to SVL. According to CariCRIS, the national scale local currency rating indicates high creditworthiness compared to other obligors in Jamaica.

“These rating strengths were tempered by significant sovereign risk due to its high exposure to the Jamaican economy.”

Caribbean Information & Credit Rating Services Limited

“These rating strengths were tempered by significant sovereign risk due to its high exposure to the Jamaican economy,” said the credit rating firm.

“However, the stable outlook assigned was on the premise that CariCRIS’ expects that the group’s financial performance will continue to be good over the next 12-15 months, facilitated by its dominant market position, solid technological infrastructure, and operations in an industry that has shown resilience in difficult times.”

It stated that the ratings were supported by “SVL’s strong brand equity and long history as a well-known betting, gaming, and lottery operator in Jamaica. SVL has achieved considerable growth and expansion over the years through both organic means and by the acquisition of reputable gaming companies”.

CariCRIS added: “The ratings were also supported by the group’s reputable and commercially tested technology, a history of good financial performance, a regulatory environment that supports stable operations and its sound governance structure and risk management practices.”

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