Jamaica National Maintains Rating Status; Focused on Stability

Highlights from CariCRIS Ratings Review, December 2025

Summary

• Caribbean Information and Credit Rating Services Limited (CariCRIS) has maintained The Jamaica National Group (TJNG) good investment ratings noting that the organisation’s level of creditworthiness compared to others in the Caribbean “is adequate.”
• The agency reaffirmed the organisation’s Issuer/Corporate Credit at CariBBB+ (Foreign Currency Rating) and CariA- (Local Currency Rating) on the regional rating scale. It was also assigned a jmA (Foreign Currency Rating) and jmA+ (Local Currency Rating) on the Jamaica national scale, similar to its last rating in March.
• The ratings reflect JN Group’s diversification and market position in Jamaica with subsidiaries in the United States of America, Canada, United Kingdom and the Caribbean. The Company’s good governance structure and risk management practices underpin the Group’s ratings.

Strengthening Performance

• TJNG is focused on improving financial performance, cost-to-income ratio, and capitalisation to further undergird stability. CariCRIS noted, despite its good ratings of the Group, there could be a negative outlook for TJNG if the losses after tax, although reduced, continue. TJNG is upbeat that it will turn around performance, which is already heading in the right direction.
• Its financial holding company, the JN Financial Group (JNFG), is on track to return to profitability. The leadership’s strategic focus and decisive actions have strengthened the Group’s operations and financial position following its divestments in 2024 and 2025 of JN Bank UK and JN General Insurance, and its signed share sale agreement for JN Fund Managers (JNFM).
• The non-financial holding company, the MCS Group, is investing in digital channels to boost revenue and competitiveness by expanding customer reach and streamlining client onboarding.

JN Group

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