Jun 2006 Financial News

Republic gets Fitch upgrade

Jun 02, 2006

US credit rating agency, Fitch Ratings, has upgraded Republic Bank’s Issuer Default rating (IDR) from BBB- to BBB and raised the support rating from 3 to 2. It has affirmed the short term issuer rating of F3 and the individual rating of C. They have also reaffirmed their stable rating outlook.

The May 2006 report cited that “the upgrade of the support rating reflects the greater capacity of government support in the event of need, given strengthening government finances and an improving economic environment. The upgrade of the long-term IDR stems from the enhanced capacity of support combined with Republic’s sound overall financial condition and its important position within the banking system of Trinidad and Tobago.”

Republic managing director David Dulal-Whiteway said:

“The Fitch rating is evidence of our ongoing efforts to be the financial institution of choice in the Caribbean while striving for all-round improvement for our customers, staff, and shareholders.

“We have been confident that our strategy would keep us on the right track and this has been confirmed by a premier financial agency which rates commercial banks across the board.”

The Trinidad Guardian
Friday, 2nd June, 2006.
http://www.guardian.co.tt/business3.html