Jun 2015 Financial News

First Citizens keeps good rating from S&P

Jun 16, 2015

Standard and Poor’s Ratings Services has reaffirmed First Citizens Bank Ltd’s counter-party credit rating of BBB+/A-2.

The bank's outlook remains stable, S&P said in its summary released on June 2.

According to S&P, this rating reflects on the First Citizens “very strong” capital and earnings, “adequate” business and risk positions, “average” funding and “adequate” liquidity profile.

It added that the stable outlook on First Citizens reflects S&P's expectation that the bank will maintain its solid market position and “very strong” capitalisation due to its internal capital generation and asset quality improvement for the next 12-18 months.

“We believe that there is a “moderately high” likelihood of support from the government of T&T. However, we haven't incorporated any notches of support into our ratings on the bank. The bank's SACP (stand-alone credit profile) is ‘bbb+’,” the rating agency added. In rating the bank, S&P identified two weakness. These included weaker asset quality due to moderate client diversification and expansion into speculative-grade economies.

In a statement yesterday, First Citizens noted: “This affirmation is reflective of the sound risk management policies, consistent hard work and commitment exhibited by the Group’s Management and Staff in seeking to put all our stakeholders first.”

Source:
By Leah Sorias
Trinidad Express
Tuesday June 16, 2015

http://www.trinidadexpress.com/20150615/business/first-citizens-keeps-good-rating-from-sp