RATING RELEASE
December 13, 2024
ttAA-(SO) (National Scale Local Currency)
Caribbean Information and Credit Rating Services Limited (CariCRIS) has upgraded the overall issue rating assigned to the TT $200 million Collateralised Mortgage Obligation (CMO) of Home Mortgage Bank (HMB) (CMO 2019-01) to ttAA-(SO) on the Trinidad and Tobago (T&T) national scale. This rating indicates that the overall level of creditworthiness of this structured debt obligation, adjudged in relation to other rated debt obligations within T&T is high.
The upgrade is underpinned by the improved credit risk profile of the CMO 2019-01 following the successful repayment of Tranche E in March 2024, 12 months ahead of schedule, alongside an improving non-performing loans (NPL) ratio. Furthermore, the early repayment pattern observed from the senior tranches are expected to continue onto the more subordinate tranches which lowers the CMO 2019-01’s extension risk.
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