March 27th, 2019
March 26, 2019
Massy retains ‘high creditworthiness’ ratings
Caribbean Information and Credit Rating Services Limited (CariCRIS) has 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), and assigned a stable outlook. These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean and within T&T is high.
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. Also supporting the ratings are the Group’s wide portfolio of complementary businesses that promote cross-selling and value chain maximization, and which supported an improvement in financial performance in FY2017/18.
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.
Our stable outlook on the ratings 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 the stability of its profitability in the medium term.
About the company
Massy Holdings Ltd. (Massy) 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 name was formally changed from Neal & Massy Holdings Ltd. to Massy Holdings Ltd.
Massy is one of the largest conglomerates in the region comprising of 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.
For more information on the ratings of Massy Holdings Ltd., please visit www.caricris.com or contact:
Andre Joseph OR Kathryn Budhooram
Senior Manager, Ratings Manager, Ratings
Tel: 1-868-627-8879 Ext. 224 Tel: 1-868-627-8879 Ext. 227
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