CariCRIS Reaffirms Access Financial's Ratings with Stable Outlook Despite Earnings Pressure

• CariCRIS reaffirmed Access Financial Services Limited's (AFS) credit ratings of CariBBB (local currency) and CariBBB- (foreign currency) on the regional scale, and jmA- and jmBBB+ on the Jamaica national scale. These indicate adequate creditworthiness regionally and good creditworthiness in Jamaica.
• The outlook is stable, as CariCRIS expects AFS to maintain sound operating performance and meet its debt obligations comfortably over the next 12 to 15 months, helped by the gradual return to normal economic activity after Hurricane Melissa.
• The ratings are supported by AFS's established position in Jamaica's microfinance sector, strong brand recognition, robust net interest income and good asset quality, although asset quality has deteriorated somewhat. Strong capitalisation, adequate liquidity, sound governance and continued investment in technology give the company financial flexibility and the capacity to absorb losses.
• However, the ratings are held back by AFS's small size, its heavy reliance on unsecured personal loans, and its exposure to economic conditions in Jamaica, which are subdued given that GDP contracted in Q2 by 2.9%.
• An upgrade could follow an improvement in Jamaica's sovereign rating, loan growth above 10% or earnings growth above 15%. A downgrade could follow a weaker sovereign rating, a profit decline of more than 18% for two consecutive years, or non-performing loans rising above 8% of total loans.
• AFS’s stock price has increased by 8.7% since the start of the year to close at $19.94 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.5x, which is above the Junior Market median of 1.03x.

(Source: CariCRIS & NCBCM Research)