Fitch Upgrades the Long-Term IDR of RBTT Bank Limited to 'BBB'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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 upgraded the 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. ) of RBTT RBTT Royal Bank of Trinidad & Tobago Bank Limited (RBTT Bank) to 'BBB' from 'BBB-' and upgraded the Support rating to '2' from '3'. RBTT Bank's short-term issuer rating of 'F3' and Individual rating of 'C' were affirmed. The Rating Outlook is Stable. At the same time, the ratings of RBTT Bank's parent company, RBTT Financial Holdings Limited (RBTT Financial), have been affirmed. The Rating Outlook for RBTT Financial is Stable. (A complete list of ratings follows this release.) The upgrade of the Support rating for RBTT Bank 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 RBTT Bank's sound overall financial condition and its important position within the banking system 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. . A similar level of government support is not expected for RBTT Financial. Consequently, the ratings of RBTT Financial were affirmed at their current levels. Fitch has upgraded the following ratings: RBTT Bank Limited --Long-term Issuer Default Rating (IDR) to 'BBB' from 'BBB-'; --Support rating to '2' from '3'. Fitch has affirmed the following ratings: RBTT Bank Limited --Short-term issuer rating at 'F3'; --Individual rating at 'C'. RBTT Financial Holdings Limited --Long-term IDR at 'BB+'; --Short-term issuer rating at 'B'; --Individual rating at 'C/D'; --Support rating at '5'. 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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