S&P affirms First Citizens, rates notes BBB+

Standard & Poor's said that it affirmed First Citizens Bank Ltd.'s BBB+/A-2 counterparty credit ratings, as well as First Citizens and First Citizens (St. Lucia) Ltd.'s BBB+ $100 million of bonds.

S&P said it assigned a BBB+ rating to the up to $200 million of medium-term seven-year senior notes that First Citizens (St. Lucia) will issue and First Citizens will fully and unconditionally guarantee.

The outlook is stable.

The ratings are based on the bank's adequate financial performance, conservative and consistent managerial track record, and initiatives for sector diversification, S&P said.

The ratings also consider the implicit support from Trinidad and Tobago, the bank's client and industry concentrations, and strong competition, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.