OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY IFRS 9 for Banks & Other Financial Institutions 31st January 2018 Trinidad SME eSmart- Powering Your Potential Find out more today by calling: (868)-627-8879 ext. 228 or email: [email protected] Latest Rating Actions by CariCRIS . Saint Lucia Electricity Services Limited’s rating reaffirmed at CariBBB . Endeavour Holdings Limited’s rating reaffirmed at CariA+ . Gulf City Limited’s rating reaffirmed at CariA+ . National Flour Mills Limited’s rating reaffirmed to CariA- . Telecommunications Services of Trinidad and Tobago Limited’s rating reaffirmed to CariA . Colonial Fire and General Insurance Company Limited’s initial rating assigned at CariA . Home Mortgage Bank’s rating reaffirmed at CariA . NCB Financial Group Limited’s initial corporate credit rating assigned at CariA . National Commercial Bank Jamaica Limited’s rating upgraded to CariBBB+ . NCB (Cayman) Limited’s initial corporate credit rating assigned at CariA . The Government of the Commonwealth of Dominica placed on Rating Watch – Developing . Dominica AID Bank’s rating downgraded by 1-notch and placed on Rating Watch – Negative . The Government of the British Virgin Islands placed on Rating Watch – Developing Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings Benefits of a CariCRIS Rating to a Bank: . Reduce your borrowing cost . Boost investor confidence by improving your corporate image . Support capital adequacy measures by providing forward-looking risk assessments . Facilitate the placement of debt issues to a wide investment base CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago Colfire assigned robust credit rating Regional ratings agency CariCRIS has given Colonial Fire and General Insurance Limited (COLFIRE) a robust corporate credit rating of CariA (Foreign and Local Currency Ratings) on the regional rating scale, and ttA on the Trinidad and Tobago (T&T) national scale. New tourism entity records loss The T&T Tourism Business Development Ltd has reported a loss of $487,000 for the six months ended June 30, 2017 Massy Holdings after-tax profit dips 23 per cent Massy Holdings Ltd and its subsidiaries is reporting profit after tax of $412 million for the year ended September 30, 2017. Jamaica With 4,300 new shareholders, VMIL aims for greater financial inclusion Having set out to achieve the financial independence and inclusion of it members and potential investors, the Victoria Mutual Group is now on a mission “to become the leading Caribbean-based provider of financial services”, according to Chief Investment Officer Devon Barrett. Jamaica tops Caribbean in Forbes Magazine global report on doing business Jamaica is the highest ranked Caribbean Community country, while the French-speaking island of Haiti is ranked among the worst three countries in the world for doing business, according to the US-based Forbes Magazine . Barbados Details of Hilton sale coming soon Government will provide full details of the sale of the Barbados Hilton Resort “very soon”, Minister of Tourism Richard Sealy has promised. The Bahamas Hotel Room Revenue Down 7% As Tourism 'Stays Weak' TOURISM industry performance "remained weak" through October 2017, it was disclosed yesterday, with hotel room revenues off 7 per cent due to occupancy and rate declines. Antigua and Barbuda Barbuda may lose thirty percent of its population, says PM Antigua and Barbuda Prime Minister Gaston Browne anticipates that 30 percent of Barbudans will not return to the sister island after finding that life is “sweeter” in Antigua. Guyana Guyana to host Inter-American Congress of Tourism in March 2018 Guyana will host the 24th Inter-American Congress of Ministers and High- Level Authorities of Tourism of the Americas on March 21-22, 2018. The government of Guyana and the OAS General Secretariat signed a cooperation agreement on Thursday for the organization of the event. Guyana closer to Category 1 status, as aviation sector improves Guyana over the past year has seen a dramatic growth in its aviation sector, especially in areas of safety and building institutions to oversee implementation and evaluation. The US$150 million project to expand the runway and modernization of the terminal at the Cheddi Jagan International Airport (CJIA) will be completed by late-2018. British Virgin Islands CDB approves US$65.5mn in loans, grants to support disaster recovery efforts in BVI The board of directors of the Caribbean Development Bank (CDB) has approved US$65.5 million in loans and grants to the government of the British Virgin Islands to assist with the recovery, rehabilitation and reconstruction of social and economic infrastructure, resulting from the cumulative effects of recent severe weather events. Montserrat Grant funding of £14.4 million to develop port at Little Bay, Montserrat Marine access to the island of Montserrat is set to improve, as the board of directors of the Caribbean Development Bank (CDB) has approved a grant of £14.4 million (US$19.5 million) to develop the port at Little Bay. INTERNATIONAL United States BP takes $1.5 billion charge over U.S tax changes, joining Shell BP (BP.L) will take a one-off $1.5 billion charge in its 2017 fourth quarter earnings as a result of new U.S. corporate income tax rules, joining rival Royal Dutch Shell. Europe New year jitters for bond markets as ECB cuts back stimulus Borrowing costs across the euro area shot higher on Tuesday as a cut in monthly ECB asset purchases became a reality, with hawkish comments from a top official and strong data hurting sentiment towards bonds on the first trading day of the year. Euro zone factories ended 2017 with record high growth: PMI Euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high. China China central bank injects more funds in December via liquidity tools China’s central bank injected a net 212.36 billion yuan ($32.7 billion) into the financial system via short- and medium-term liquidity tools in December, rising sharply from November as it sought to ease tight cash conditions before the year-end. Japan Japan's Nippon Life eyeing M&A for foreign boutique bond and alternative funds Japan’s Nippon Life Insurance Co [NPNLI.UL], which recently struck a deal to buy about a quarter of U.S. investment firm TCW Group, is scouting for opportunities to buy boutique managers of bonds and alternative assets, its president said. India Indian parliament bars defaulting firm owners from bidding to buy back assets India’s parliament on Tuesday approved amendments to the Insolvency and Bankruptcy Code Bill to bar owners of defaulting firms from bidding to buy back assets when they are auctioned as part of bankruptcy proceedings. India factory activity expands at fastest pace in five years in December: PMI India’s factory activity expanded at the fastest pace in five years in December, a private sector survey showed on Tuesday, buoyed by a rise in output and new orders, which allowed firms to raise prices. Colfire assigned robust credit rating Tuesday 2nd January, 2018 – Trinidad and Tobago Guardian Regional ratings agency CariCRIS has given Colonial Fire and General Insurance Limited (COLFIRE) a robust corporate credit rating of CariA (Foreign and Local Currency Ratings) on the regional rating scale, and ttA on the Trinidad and Tobago (T&T) national scale. CariCRIS also assigned a financial strength rating of CariA, stating that "COLFIRE’s relative ability to meet all its ongoing insurance obligations is good." CariCRIS said that this rating was a "feather in the hat" of COLFIRE as the company enters its 60th year of operation and noted that the insurance provider "continues to build on its strengths despite the country's challenging economic situation" In awarding the rating, CariCRIS pointed to COLFIRE’s history of solid financial performance and its profitable underwriting operations. "The outlook for the company is stable, attributed in part to its healthy liquidity position, underpinned by the good credit qulaity of its financial assets" CariCRIS said The rating agency went on to add that COLFIRE's wide distribution network, with branches that operate in the major hubs of San Fernando, Chaguanas, Piarco and Tobago, as well as its "strong corporate governance and leadership" and "investments in information systems and risk management policies" contributed positivelyt o its high rating. Commenting on the first-rate grade, Director/CEO Sean Jack, who has been at the helm of the company for a year, said: “COLFIRE’s years of experience speak to the Company’s operational efficiency and ensures future operating excellence. Our prudent and conservative underwriting practices have increasingly focused on our serviceability. This benefits our shareholders, but more importantly, safeguards our valued policyholders.” << Back to news headlines >> New tourism entity records loss Monday 1st January, 2018 – Trinidad and Tobago Guardian The T&T Tourism Business Development Ltd has reported a loss of $487,000 for the six months ended June 30, 2017 Chairman, Jerry Hospedales in his statement accompanying the abridged financial statements to June 30, 2017, stated the company remained, “focused as a development fund whose core activity emboldens the revitalization and growth of the tourism sector in Tobago.” Specifically commenting