SVL gets regional 'Good Creditworthiness' rating

SVL gets regional 'Good Creditworthiness' rating

Friday, October 23, 2020

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Supreme Ventures Limited (SVL) has been assigned an overall 'good creditworthiness' rating by Caribbean Information & Credit Rating Services Limited (CariCRIS).

In a statement yesterday welcoming the achievement, SVL's Executive Chairman Gary Peart said the credit rating has cemented and reaffirmed SVL's “strong focus on performance and results, coupled with its consistent and efficient management of the company's operations”.

He added that the company continues to demonstrate its ability to innovate and show its game-changing tactics.

The ratings assigned by CariCRIS to SVL are:

Regional Scale

Local Currency: Cari A-

Foreign Currency: Cari BBB+

National Scale

Local Currency: jm AA-

Foreign Currency: jm A+

According to CariCRIS, the national scale local currency rating indicates high creditworthiness compared to other obligors in Jamaica.

“The stable outlook is premised on CariCRIS' expectation that the group's financial performance will continue to be good over the next 12-15 months, facilitated by its dominant market position, solid technological infrastructure and operations in an industry that has shown resilience in difficult times,” the credit rating firm noted.

It also added that the the ratings are supported by SVL's long history as a well-known betting, gaming, and lottery operator in Jamaica.

“The group's efficient business operations and history of good financial performance, together with a supportive regulatory environment as well as its sound governance structure and risk management practices, also serve to support the ratings,” CariCRIS noted.

“These rating strengths are tempered by significant sovereign risk due to its high exposure to the Jamaican economy,” it added.

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