Regional credit rating agency Caribbean Information and Credit Rating Services Limited, CariCRIS, has reaffirmed the credit ratings for Island Car Rentals Limited, Jamaica’s largest car rental company.
The agency maintained the company’s Issuer-Corporate Credit Ratings at jmBBB+ on the Jamaica national scale.
It’s also been rated Cari BBB- on the regional scale.
In a release on Thursday island Car Rentals says this highlights its strong creditworthiness across the Caribbean.
The reaffirmation follows a significant upgrade in 2024, where CariCRIS elevated the company’s ratings by one grade.
This was a reflection of Island Car Rentals’ increasing revenues and marked improvements in debt service coverage ratios.
According to CariCRIS, the reaffirmation stems from Island Car Rentals’ continued execution of its three to five year strategic plan.
The plan focuses on enhancing the customer experience, expanding and diversifying revenue streams, and increasing operational efficiency through a robust digitisation initiative.
The agency has also assigned a stable outlook to the company, forecasting healthy financial performance over the next 12 to 15 months, buoyed by rising demand and the company’s ongoing revenue diversification and efficiency strategies.
English (US) ·