Fitch Affirms Development Finance Limited's IDR at 'BB'; Outlook Stable.NEW YORK -- Fitch affirms the ratings of Development Finance Limited (DFL) as follows: --Long-Term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) at 'BB'; --Short-Term Issuer Rating at 'B'; --Individual Rating at 'D'; --Support Rating at '3'. The Rating Outlook is Stable. Ratings of DFL reflect its ownership, efficient operating structure, and sizable portion of stable long-term funding. Offsetting factors include the company's concentration of exposure, high though improving level of impaired loans, small size and limited market position. In 2005, net income continued to trend higher with an improving ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). . Earnings benefited from sharply lower provisions for loan losses combined with solid growth in net interest income, DFL's primary revenue source. In 1H06, earnings remained steady with a favorable outlook for the rest of 2006. DFL is a specialized lender and investment bank, providing corporate finance, risk capital, microfinance loans and strategic management advisory services to private enterprises in T&T, as well as in other Caribbean countries. The largest shareholders are RBTT RBTT Royal Bank of Trinidad & Tobago Financial Holdings with a 31% stake, the Government of Trinidad and Tobago Trinidad and Tobago (trĭn`ĭdăd, təbā`gō), officially Republic of Trinidad and Tobago, republic (2005 est. pop. 1,088,000), 1,980 sq mi (5,129 sq km), West Indies. The capital is Port of Spain. with 28%, the European Investment Bank European Investment Bank, nonprofit bank created in 1958 by the six founding countries of the European Economic Community (now part of the European Union [EU]). (EIB) with 8.5%, and the Inter-American Investment Corporation with 8.5%. Fitch believes there is a moderate probability of support from DFL's institutional owners in the event of serious financial difficulties. Despite its small systemic and market position, DFL's focus on the private sector is consistent with the strategic goals of its main shareholders. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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