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High credit rating for Massy Holdings
Caribbean Information and Credit Rating Services Limited (CariCRIS) has assigned initial Issuer/corporate credit ratings of CariAA+ (Foreign and Local Currency) on its regional rating scale, and ttAA+ on the T&T national scale to Massy Holdings Limited.
These ratings indicate that group’s level of creditworthiness in relation to other companies in the Caribbean and within T&T is high.
CariCRIS said Massy’s ratings “reflect its sizeable share of the retail and wholesale distribution markets of several of the larger Caribbean economies with a strong presence in the automotive and energy sectors in T&T, its significant economies of scale and scope underpinned by a wide portfolio of complementary businesses, and its moderate geographic and sector diversity.”
The ratings agency also cited Massy’s strong earnings and profitability along with healthy margins and moderate gearing, as well as its seasoned management team and board of directors further support the ratings.
“These rating strengths are tempered by the adverse impact of US dollar supply disruptions in the T&T foreign exchange market on the credit terms granted to Massy by some of its suppliers, while its group-level risk management could be improved with more structure.”
CariCRIS’ CEO, Wayne Dass said the decision by Massy to get rated and to publish the rating in the public domain speaks volumes about the vision of the management team and their commitment to a high level of governance in the group.