GraceKennedy receives positive credit rating from CariCRIS

The content originally appeared on: Jamaica News Loop News

Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed its credit ratings  for GraceKennedy and upgraded its outlook for the company.

CariCRIS reaffirmed GK’s regional scale ratings at “CariA” (Local and Foreign Currency) and its Jamaica national scale ratings at “jmAA” (Local and Foreign Currency).

These ratings indicate GK’s solid level of creditworthiness in the Caribbean region and high level of creditworthiness within Jamaica. The rating agency also upgraded its outlook on the ratings from “stable” to “positive”, expressing confidence in the Company’s ability to meet its future debt obligations.

“This positive rating reaffirms GraceKennedy’s commitment to innovation and growth,” said Don Wehby, Group CEO of GraceKennedy Limited. “We are confident that by consistently executing our strategy, we will deliver long-term value to our shareholders and customers. Our vision is to become the number one Caribbean brand in the world by 2030, with 70 per cent of our revenue being earned outside of Jamaica, potentially listing on an international stock exchange, and with a strong focus on environmental, social, and governance practices. Our dedicated team continues to provide exceptional GK products and services that represent the best of Jamaica and the Caribbean so that we can achieve these goals.”

CariCRIS based its ratings on expectations that GK’s financial performance will continue to strengthen, driven by several factors including Jamaica’s improving economic conditions, growth across the group’s key business lines, strategic partnerships and acquisitions, operating efficiency initiatives, planned new product launches, and enhanced distribution channels. These factors are expected to ensure continued strong demand for GK’s products and services, enabling the company to comfortably meet its debt obligations over the next year.

“These positive ratings by CariCRIS are a strong validation of GraceKennedy’s commitment to sound financial management and best practices in corporate governance,” said Andrew Messado, Group CFO of GraceKennedy Limited. “This recognition underscores our focus on delivering sustainable financial performance for all our stakeholders.”

CariCRIS is the leading credit rating agency in the Caribbean, providing independent assessments of creditworthiness. Their regional and national scale ratings help investors make informed decisions about debt issued by companies and governments throughout the Caribbean.