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Trelawny Community Hails School Upgrading

first_imgResidents of Sawyers in Trelawny are hailing the upgrading work done on the community’s primary school by the Jamaica Social Investment Fund (JSIF). The project, undertaken at a cost of $21 million, included construction of a new sanitation block and reading room, erection of perimeter fencing, provision of water tanks, and an industrial stove and freezer for the canteen. Clevy Armstrong, who was one of the first students to attend the school when it opened in 1948, expressed gratitude to JSIF. He said the improvements will enhance learning at the institution. “The community boasts a splendid refurbished building to accommodate our children in a clean, hospitable, sanitary and healthy learning environment. It is also a conducive environment for our teachers, who are now more energised to work with our children so that they can learn better,” Mr. Armstrong said at the recent handing over ceremony. He noted that the community has been given a lasting legacy. “JSIF, you have made our dream come true; you have left us a legacy. We will stand by the teachers to see to it that no vandalism takes place, and that everything is maintained and kept to the best,” he stated. “We want you to know of the great significance this is to us in Sawyers and surrounding communities. This is a very valuable gift which will be highly cherished at all levels, and we are grateful to all who contributed,” Mr. Armstrong added. Principal of the institution, Shelly-Ann Griffiths, said the school is a “beacon” in the community and has vowed to protect it for the lasting development of the area. Longtime teacher at the school, Patricka Clarke, stated that the improved and secure environment will provide a boost for the 106 students and six teachers. “I am truly happy. Children will be coming to a very safe environment, bathroom facilities are here, and a kitchen, where they will get warm meals every day,” she noted. Meanwhile, Education Officer with the Ministry of Education, Linda Miller, urged the school community to take responsibility for the “wonderful, new learning environment” which they have been provided. “We are going to protect Sawyers Primary School and we are not going to destroy it. This new school belongs to the community, and we have to take the very best care of it,” she stated. By Garfield Angus, JIS Reporterlast_img read more

Moodys Downgrades CMA CGM due to Weakened Liquidity

first_imgzoomImage by Navingo The corporate family rating of French shipping major CMA CGM was downgraded to B2 from B1 amid the company’s weakened liquidity profile, according to rating agency Moody’s.Additionally, CMA CGM’s probability default rating was set to B2-PD from B1-PD, senior unsecured ratings were downgraded to Caa1 from B3, while the outlook was changed to stable from negative.“Today’s rating action reflects that CMA CGM’s liquidity profile has weakened materially in the last 12 months as a consequence of the acquisition of CEVA Logistics AG, although expected by Moody’s to improve somewhat in 2020,” Daniel Harlid, Assistant Vice President — Analyst and lead analyst for CMA CGM, said.The downgrade of CMA CGM’s rating follows the acquisition of CEVA Logistics, that together with the a large capex programme and difficult, albeit stable, market environment has and will continue to put pressure on the company’s liquidity profile.Given Moody’s base case, where the free cash flow generation of the company leaves very limited room for debt reduction, Moody’s now expects adjusted debt/EBITDA to be sustained above 5x and adjusted FFO Interest coverage to be sustained below 3x during the next 12-18 months.Moody’s notes that CMA GCM has historically shown “good access to capital and that there is some optionality when it comes to delay capex which would improve the current liquidity profile.”Also, Moody’s understands the company is planning to sell a minority stake in Ceva and divest terminals, both of which would improve liquidity.Nevertheless, the rating action reflects that available liquidity has decreased substantially since June 2018, when the company had USD 1.6 billion of cash on balance sheet and USD 1.2 billion of undrawn RCFs. This is in stark contrast with the liquidity position in June 2019, consisting of USD 1.5 billion (of which USD 270 million is at a Ceva level) and only around USD 280 million in undrawn RCFs.As Moody’s currently have a stable outlook on the container shipping sector, expectations on CMA CGM’s operating performance for the next 12-18 months reflects volumes growing with low single digits coupled with some further improvements in operating expenses per TEU (excluding bunker costs).This translates to a Moody’s-adjusted EBIT margin in the range of 3.5%-4.0% and Moody’s-adjusted debt/EBITDA of 5.6x-5.1x. The stable outlook is also based on a successful divestment of terminals for a total amount of at least USD 500 million.last_img read more