Credit rating upgrade for Pegasus Hotel US$30m expansion debt

A bird’s eye artist’s impression of the Pegasus Suites and Corporate Centre.

The Caribbean Information and Credit Rating Services Limited (CariCRIS) has raised its regional foreign currency rating on the US$30 million long term debt issue of The Pegasus Hotels of Guyana Limited (Pegasus) to CariBBB from CariBBB-.

CariCRIS simultaneously reaffirmed the hotel’s national scale rating of gyAA+. The Pegasus Hotel is in the midst of a major expansion at its Kingston site.

According to CariCRIS, the regional scale rating signals that the level of creditworthiness of this debt obligation, judged in relation to other obligations in the Caribbean is adequate. It added that the Guyana national scale rating indicates that the level of creditworthiness of the obligation adjudged in relation to other obligations in Guyana is high.