Durrant Pate/Contributor

Wigton Windfarm Limited (WIG) has gotten a good credit rating from the Caribbean Information and Credit Rating Services Limited (CariCRIS) in respect of its J$5.8 billion bond.

CariCRIS has affirmed the Jamaica national scale rating of jmA (Local Currency Rating) and the regional scale rating of CariBBB+ (Local Currency Rating). The national scale rating indicates that the level of creditworthiness of the bond obligation, adjudged in relation to other obligations in Jamaica is “good”. 

The regional scale rating indicates that the level of creditworthiness of the bond obligation, adjudged in relation to other obligations in the Caribbean is “adequate”. Additionally, CariCRIS has maintained a stable outlook on the ratings.  

This stable outlook is predicated on the high likelihood that revenues and profits will moderate over the next 12 to 15 months and the expectation that WIG will meet all debt service commitments in a timely manner. 

This is underpinned by sustained revenue from WIG’s core wind energy operations, ongoing projects aimed at diversifying into solar energy generation, and the continued implementation of the strategic plan alongside economic growth anticipated in Jamaica.

In a release, CariCRIS notes, “the ratings are driven by WIG’s leading position as an independent renewable power producer in Jamaica, with business operations that are sustained by long-term contracts and efficient operations underpinned by well-maintained wind turbines. Further driving the ratings are the robust financial performance in FY2024 given the higher profitability, as well as a healthy liquidity.”