Saturday, February 24, 2018

Bourse credit rating on ‘watch’

 Credit rating agency Caribbean Information and Credit Rating Services Ltd (CariCRIS) has placed its rating of Bourse Securities Ltd on a “rating watch”.

CariCRIS, based in Port of Spain, maintains a public corporate credit rating on Bourse, currently at CariA-. 

“We note reports in the public domain which suggest that Bourse was the broker for the purchase and sale of the IPO shares for the former chief risk officer of First Citizens Ltd, and are aware of the seve­ral investigations currently being conducted by the regulatory and other bodies on the matter,” Cari­CRIS said in a statement yesterday.

“We have (yesterday) decided to place our rating of Bourse on rating watch, pending the outcome of the official investigations.”

A CariCRIS rating is typically placed on rating watch when events occur that may affect the credit quality of the issuer/issue, the impact of which cannot be accurately assessed at that point in time. 

A rating placed under rating watch does not imply the rating will necessarily change, CariCRIS said.

“We will continue to monitor developments surrounding this issue and assess the likely impact they can have on the creditworthiness of Bourse, and update our rating as required,” it added.