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Plipdeco gets ‘good’ ratings from CariCRIS
The Point Lisas Industrial Port Development Corporation Limited (Plipdeco) has maintained its ratings of CariA+ on the regional scale and ttA+ on the national scale, in its latest ratings by Caribbean Information and Credit Rating Services Limited (CariCRIS)
The regional ratings agency said this includes a “single notch up for the likelihood of support, if needed, from its majority shareholder, the Government of the Republic of Trinidad and Tobago.”
CariCRIS said in a release: “The ratings indicate that the level of creditworthiness of this obliger, adjudged in relation to other obligers in the Caribbean is good.
The agency also maintained a negative outlook on the ratings based on expectation that prevailing economic and foreign exchange challenges in T&T will continue to persist and could negatively impact trade activity and by extension containerised cargo traffic over the next 12 - 15 months.
It cited Plipdeco’s strong market position in industrial real estate management and port operations in T&T and the company’s reliable earnings stream attributed to stable and high credit quality tenant base at the industrial estate.
“The ratings further reflect the company’s good financial performance supported by good capitalization and healthy debt protection metrics despite falling revenue for a second consecutive year. These rating strengths are tempered by the company’s high exposure to the fortunes of the contracting oil and gas industry at the industrial estate,” CariCRIS said.
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