CARIBBEAN Information and Credit Rating Services Ltd (CariCRIS) has reaffirmed the credit ratings of CariAA on the regional and ttAA on the national rating scale to the US$400 million debt issue of the National Gas Company of TT Ltd (NGC).
In a release, CariCRIS said these ratings indicate a high level of creditworthiness of this obligation, adjudged in relation to others in the Caribbean and within Trinidad and Tobago.
It also assigned a stable outlook on the ratings.
"The stable outlook is premised on the expectation of continued good financial performance by NGC over the next 12-15 months, albeit at lower levels. The company’s profitability is expected to be tempered by lower energy prices, as global supply is anticipated to increase, notwithstanding lingering geo-political tensions. Nonetheless, NGC is expected to maintain strong debt protection metrics going forward," CariCRIS said.
The release said these ratings continue to reflect NGC’s strategic importance to the domestic energy sector and government.
Additionally, the improving prospects for gas supply stemming from strategic alliances also bolster the ratings.
Further supporting the ratings is NGC’s good financial performance, underpinned by increased revenues due to higher energy-commodity prices in 2022.
NGC’s continued low gearing and robust debt-protection metrics also continue to support the ratings.
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