Short note from rating agency Standard & Poor’s on Republic Bank (highlighting mine):

S&P: Republic Bank Ltd. Counterparty Credit Ratings Affirmed At ‘BBB-/A-3’ With Stable Outlook

* The bank’s financial performance has been stable through a period of tough economic conditions in the Caribbean region.
* We are affirming the ‘BBB-/A-3’ counterparty credit ratings on RBL.
* The stable outlook reflects the bank’s likely maintenance of its financial profile in 2009 and 2010.
* A downgrade could result from rising nonperforming assets or falling profits, or an upgrade could result from a curtailing of further nonperformers.

MEXICO CITY Oct. 2, 2009–Standard & Poor’s Ratings Services said today that it affirmed its ‘BBB-/A-3’ counterparty credit ratings on Republic Bank Ltd. (RBL). The outlook is stable.

“Our ratings on RBL are based on RBL’s leading market position in Trinidad and Tobago, stable financial performance, and geographic diversification in the Caribbean,” said Standard & Poor’s credit analyst Alfonso Novelo. “However, we believe that strain on the quality of assets through 2010 will pressure profits, the balance sheet relies on short-term funding, and the bank faces strong competition in the region.“