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

The Caribbean-based credit rating agency has upgraded the assigned Issuer/Corporate Credit Ratings by 1-notch to CariBBB- (Foreign and Local Currency Ratings) on the regional rating scale and jmBBB+ (Foreign & Local Currency Ratings) on the Jamaica national scale.

The ratings indicate that the level of creditworthiness of this obligor, adjudged concerning other obligors in Jamaica as well as the wider Caribbean is adequate. 

The one-notch upgrade on both the regional and national scales is attributable to several factors including a 44.8 per cent increase in rental revenues in financial year 2023 as well as a significant improvement in the company’s debt service coverage ratios. 

CariCRIS also assigned a stable outlook on the ratings based on the expectation of continued good financial performances over the next 12 -15 months with the company’s future revenue earning potential bolstered by new strategic objectives. 

Island Car Rentals is Jamaica’s largest car rental company with a fleet of close to 1500 vehicles.

The company has won several prestigious awards including the World Travel Awards for Jamaica’s leading car rental company and the Caribbean’s leading independent car rental company.

In 2023, Island Car Rentals Limited was fully acquired by ICR Holdings Limited, a Jamaican firm founded by career banker Ryan Parkes.