Fitch Affirms RBTT Financial Holdings Limited's Ratings, Outlook Revised to Negative.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 5, 2003 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. RBTT RBTT Royal Bank of Trinidad & Tobago Financial Holdings Limited's long-term foreign currency rating of 'BB+'. However, the Rating Outlook is revised to Negative from Stable. Fitch has also affirmed RBTT Bank Limited's long-term foreign currency rating of 'BBB-' and the Rating Outlook remains Stable. A list of ratings is provided at the end of this press release. The change of Rating Outlook at the holding company level is reflective of the sluggishness of many Caribbean economies where the group operates. Following a strategy of geographic expansion, RBTT Financial Holdings Limited (RBTT) has built a pan-Caribbean financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. group through several acquisitions over the past few years. Expansion into other Caribbean countries is positive from a strategic standpoint, providing additional opportunities for business growth and revenue diversification. Today, almost half of the group assets are outside of Trinidad & Tobago (T&T) as RBTT now operates in more than 11 countries in the Caribbean region, including Jamaica, Suriname, The Netherlands Antilles Netherlands Antilles, island group, an autonomous part of the Netherlands (2005 est. pop. 220,000), 371 sq mi (961 sq km), West Indies. Formerly known as the Dutch West Indies and Netherlands West Indies, they are divided into two groups. , Aruba, St. Lucia, St. Vincent, and Grenada. However, depressed economic conditions in most of these jurisdictions, a result of both a slump in tourism exacerbated by the events of September 11 and weaknesses in the agricultural export sector, could pressure asset quality and loan loss levels. That said, RBTT's ratings continue to take into account the company's consistent earnings trends and relatively sound capital ratios. RBTT Bank Limited (RBTTBL), the second largest T&T commercial bank with approximately 25% of system deposits, continues to benefit from T&T's relatively stronger economic environment hence the affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. of RBTTBL's ratings with a Stable Rating Outlook. RBTT Financial Holdings Limited is a financial services conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. consisting of 33 subsidiaries and associated companies associated company associate n → Partnerfirma f associated company n → società collegata located in 11 legal jurisdictions in the Caribbean region, including 9 licensed commercial banks with 79 branches. The company's major subsidiaries include RBTT Bank Limited and RBTT Merchant Bank Limited, a leading regional merchant bank and one of the largest mortgage financiers in T&T. Ratings: RBTT Financial Holdings Limited --Long-term foreign currency rating 'BB+'; --Short-term foreign currency rating 'B'; --Individual rating 'C/D'; --Support rating '5'; --Outlook to 'Negative' from 'Stable'. RBTT Bank Limited --Long-term foreign currency rating 'BBB-'; --Short-term foreign currency rating 'F3'; --Individual rating 'C'; --Support rating '2'; --Outlook 'Stable'. |
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