Wigton Windfarm Limited (“WIG”) has advised that the Caribbean Information and Credit Rating Services Limited (“CariCRIS”) has reaffirmed the assignment of the following ratings to the J$5.8 billion bond issue of WIG:
- jmA (Local Currency Rating) on the Jamaica national scale; and
- CariBBB (Local Currency Rating) on the regional scale.
The national scale rating indicates that the level of creditworthiness of the bond obligation, adjudged in relation to other obligations in Jamaica is good. The regional scale rating indicates that the level of creditworthiness of the bond obligation, adjudged in relation to other obligations in the Caribbean is adequate.
Additionally, CariCRIS has maintained a stable outlook on the ratings. The stable outlook is based on CariCRIS’ expectation of continued good performance by WIG over the next twelve (12) to fifteen (15) months, driven by the key credit drivers supporting the ratings, with all debt service commitments expected to be paid in a timely manner over the period.
In a release, CariCRIS noted that the ratings are driven by WIG’s leading position as an independent renewable power producer in Jamaica with business operations supported by long-term contracts and efficient operations underpinned by well-maintained wind turbines. WIG’s solid track record of profitability and above-average return metrics, healthy liquidity and strong debt servicing capability further drive the ratings. WIG also continues to display good corporate governance and robust risk management practices.
