Jamaican renewable company, Wigton Windfarm Limited has got a positive credit rating from the Caribbean Information and Credit Rating Services Limited (CariCRIS) with respect to its J$5.8-billion bond issue.

CariCRIS has reaffirmed the assignment of jmA (Local Currency Rating) on the Jamaica national scale and CariBBB (Local Currency Rating) on the regional scale to the J$5.8-billion bond issue.

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.

Also CariCRIS has maintained a stable outlook on the ratings. The stable outlook is based on CariCRIS’ expectation of continued good performance by Wigton over the next 12 to 15 months.

This is expected to be driven by the key credit drivers supporting the ratings with all debt service commitments expected to be paid in a timely manner over the period. In a release, CariCRIS reports that the ratings are driven by Wigton’s leading position as an independent renewable power producer in Jamaica with business operations supported by long-term contracts and efficient operations underpinned by well-maintained wind turbines.

Wigton’s solid track record of profitability and above-average return metrics, healthy liquidity and strong debt servicing capability further drive the ratings. In addition, the renewable energy company continues to display good corporate governance and robust risk management practices.