MASSY Holdings Ltd, a Trinidad and Tobago conglomerate with footprint in Jamaica, had its creditworthiness upgraded from negative to stable by ratings agency Caribbean Information and Credit Rating Services Limited (CariCRIS).

CariCRIS also reaffirmed the assigned issuer/corporate credit ratings of CariAA+ (foreign and local currency ratings) on its regional rating scale, and ttAA+ (foreign and local currency ratings) on the Trinidad and Tobago (T&T) national scale to Massy Holdings Limited (Massy).

The ratings indicate that the level of creditworthiness of Massy Holdings, adjudged in relation to other debtors in the Caribbean and within T&T is high.

“Our stable outlook on the rating is based on our expectation that the group’s debt servicing capacity will remain strong over the next 12 to 15 months, driven by its good financial performance. CariCRIS also believes that the group’s ongoing efforts toward continuous improvement will serve to support stability of its profitability in the medium term,” CARICRIS said in a statement released on Tuesday.

According to CariCRIS, Massy’s ratings reflect its moderate industry diversification and good market position, which together maintain the group’s revenue earning potential and reduce the impact of severe economic downturns on the group’s performance.

The ratings agency added that improvement in the group’s financial performance for financial year 2017/18 led by wide portfolio of complementary businesses that promotes cross-selling and value chain maximisation, also supported the ratings.

“These rating strengths are tempered by continued weak economic activity in T&T and Barbados, which place downward pressure on the group’s profitability. Additionally, restrictions to accessing US$ liquidity in T&T continues to impact business operations,” CariCRIS warned.

Massy Holdings has its genesis in 1932 when Neal Engineering Company Ltd led by Harry Neal, and Massy Ltd headed by Charles Massy, merged to establish Neal & Massy Engineering Company Ltd. In 1958, the company continued its expansion and listed on the Trinidad and Tobago Stock Exchange.

The group rebranded in 2014 to form a unified brand and create a common identity. The holding company’s name was formally changed from Neal & Massy Holdings Ltd to Massy Holdings Ltd.

Massy is one of the largest conglomerates in the region comprising over 60 companies with a presence in the automotive, industrial equipment, energy and industrial gases, retail, distribution, consumer finance, insurance, information technology and communication industries.