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Regional credit rating agency Caribbean Information and Credit Rating Services Ltd (CariCRIS) has assigned a rating of CariBBB on its regional rating scale and ttBBB- on its national rating scale to RHAND Credit Union Co-operative Society Limited (Rhand).
These ratings indicate that the level of creditworthiness of Rhand is adequate. This is supported by the credit union’s good asset quality, its long existence with a history of profitability, and good operating efficiency. Good asset quality is evidenced by low non-performing loans to gross loans of two per cent in 2013.
Rhand has been in existence for close to 67 years and has been historically profitable, generating $11.5 million in profit after tax in 2013. Additionally, its efficiency ratio is favourable when compared to other credit unions in T&T and the region. CariCRIS’ CEO, Wayne Dass, said the decision by Rhand to undergo a credit rating and publish the rating in the public domain is highly commendable and indicative of a board and management team that endorse transparency and accountability to its members and the wider public.
Rhand is the sixth largest credit union in T&T in terms of assets with total assets as at December 2013 of approximately $500 million and tangible net worth at $50.7 million. During the 2013 financial year, the credit union realised total revenue of $36.1 million and profit after tax of $11.5 million.