Published: Wednesday August 13, 2008
In an international environment where the sub prime crisis has resulted in the rating and outlook for many multinational banks to decline, First Citizens Bank Limited received affirmation of its counterparty credit rating and CD ratings from Standard and Poor's Rating Services of 'BBB+/A-2' on 8th August, 2008. Additionally, the ratings of its US$100 million bonds from First Citizens and US$100 million from First Citizens (St. Lucia) Limited were also affirmed at 'BBB+'. This considers First Citizens ability to grow inorganically and to continue to increase its asset base while reducing its client concentrations.
Standard and Poor's commended First Citizens for its sound asset quality and its capitalisation ratios above the average of rated banks in the rating category. In addition, the bank has consistently reported low nonperforming asset (NPA) levels that averaged 1.2 per cent between 2004-2007. Despite active competition in the market, the Bank enjoys a sound financial profile, good recognition in the market and prudent expansion.
Source: Trinidad Express Newspapers
http://www.trinidadexpress.com/index.pl/article_business_mag?id=161363128
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