Oct 2006 Financial News

Fitch upgrades RBTT

Oct 09, 2006

Fitch has raised the regional financial group’s long-term issuer default rating from BB+ to BBB-, giving the RBTT Group an investment grade rating. The agency has also upgraded the short-term rating to F3 from B, and upgraded the individual rating to C from C/D. It has affirmed the support rating at five and the rating outlook is stable.

In its September 2006 report, Fitch said, “The upgrade of RBTT Financial Holdings Ltd reflects its solid group performance, improved asset quality and sound capital position. Further, the holding company benefits from a large proportion of group earnings from the comparatively strong T&T market, a moderate level of holding company debt, improved holding company liquidity, sound group risk management, and strong capacity to upstream dividends from major operating subsidiaries.

“This upgrade from a well-respected international rating agency is recognition of the group’s financial strength and affirms RBTT’s stability to the international investment community,” said RBTT Group chief executive officer, Suresh Sookoo.
Meanwhile, Fitch has affirmed RBTT Bank Ltd’s investment grade BBB rating, and its rating outlook is also stable.

Source:
Monday 9th October, 2006
The Trinidad Guardian

http://www.guardian.co.tt/bussguardian12.html