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Monthly Archives: February 2009

S&P says may cut ratings on FCB and Republic Bank

03-Feb-09

S&P, which said today it was considering downgrading T&T’s sovereign credit rating, is also scrutinising the ratings of both First Citizens Bank and Republic Bank due to the fallout from the CL Financial bailout. Here are the statements, any emphasis/explanations mine: S&P: First Citizens Bank Ltd. ‘BBB+/A-2′ Rating Put On CreditWatch Negative ["CreditWatch Negative" means [...]

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CL Financial bailout threatens T&T’s credit rating

03-Feb-09

From credit rating agency Standard & Poor’s on Tuesday (emphasis and in-line explanations mine): NEW YORK, Feb. 3, 2009–Standard & Poor’s Ratings Services said today that it placed its ‘A/A-1′ foreign-currency and ‘A+/A-1′ local-currency sovereign credit ratings on the Republic of Trinidad and Tobago on CreditWatch with negative implications. [Credit watch with negative implications means [...]

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JP Morgan comments on the “CL Financial Situation”

03-Feb-09

From a note issued by analysts at JP Morgan, emphasis mine: The Central Bank late on Friday announced that it would bail out a number of financial services companies—Clico Investment Bank (CIB), Clico Insurance Company (CLICO), British American Insurance Company (BAICO) and Caribbean Money Market Brokers (CMMB)—within the CL Financial Group, which have recently been [...]

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