Good to see you again. Glad you enjoy the Limes.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. [...]
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 [...]
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 [...]
Presented verbatim, here is the full text of the statement made by Central Bank Governor Ewart Williams at the press conference on Friday: Some of you may know that CIB has been facing liquidity challenges over the past few weeks. These challenges came to a head in the last few days when the bank began [...]
BREAKING: Friday 30th January, 2009 CL Chairman, Lawrence Duprey confirms that government will intervene in CLICO, British American and CLICO Investment Bank. Mr Duprey says this is just pre-emptive action and he does not believe that it will be a crisis. Central Bank governor says CLICO manages 38 billion in assets or a quarter of [...]