The Caribbean Information and Credit Rating Services (CariCRIS) has reaffirmed the regional and national scale credit ratings for Island Car Rentals Limited. 

The regional credit rating agency has reaffirmed the assigned issuer/corporate credit ratings to jmBBB+ (foreign and local currency ratings) on the Jamaica national scale and CariBBB- (foreign and local currency ratings) on the regional rating scale, which signify the company’s positive creditworthiness in the Caribbean market.

The reaffirmation of both the regional and national scale credit ratings is attributable to the company’s steadfastness in delivering on its three- to five-year strategic plan to enhance customer experience, grow and diversify its revenues, while at the same time improving operational efficiencies through the pursuit of a robust digitisation project

This latest reaffirmation comes on the heels of an upgrade from CariCRIS in 2024, where the credit rating agency upgraded the assigned issuer/corporate credit ratings by a notch to CariBBB- (foreign and local currency ratings) on the regional rating scale and jmBBB+ (foreign and local currency ratings) on the Jamaica national scale. 

According to the agency, the upgrade was attributable to several factors, including increased revenues as well as significant improvement in the company’s debt service coverage ratios. 

Operating in Jamaica for over 50 years, Island Car Rentals is the largest domestic car rental company with a fleet of over 1,500 vehicles. In 2023, the business was fully acquired by ICR Holdings Limited, a Jamaican company founded by career banker Ryan Parkes.

CariCRIS has also assigned a stable outlook to Island Car Rentals, given the expectation that the company should continue to maintain a healthy financial performance over the next 12-15 months, given the increased demand coupled with its revenue diversification and efficiency strategies. 

Parkes, group CEO of ICR Holdings, expressed that: “We are quite pleased that CariCRIS has reaffirmed our ratings with a stable outlook at this time. The upgrade last year and this latest reaffirmation speak to our commitment to financial discipline and operational excellence in a very competitive and challenging market. As we continue to enhance our fleet and expand our services to meet growing demand, this rating gives our customers, employees, partners, and stakeholders added confidence in Island Car Rentals’ stability and market leadership. We remain focused on delivering exceptional value and service while maintaining the financial strength that has been a hallmark of our business for over 5 decades. As we look to capitalise on certain opportunities, we are very excited about the introduction of several services, including truck rentals and airport transfers, which will further bolster our revenues in the new financial year.”I

Island Car Rentals currently operates from Norman Manley International and Sangster International airports as well as its New Kingston head office location at 17 Antigua Avenue, with a staff complement of over 280 employees.