Summary: Fiji Development Bank

Standard & Poors, October 2006

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The ratings on FDB reflect the bank's status as Fiji's official development bank, and its close relationship with and guaranteed support from the government of the Republic of Fiji Islands (Fiji; BB/Stable/B). This credit strength offsets FDB's modest financial profile, compared with domestic banks, and its very weak asset quality. The close relationship with the government is underpinned by a government guarantee of 80% of the FDB's debt obligations. FDB annually seeks a guarantee on new borrowing programs, which the government has never refused. The government also mitigates the bank's credit risk by guaranteeing any security shortfall for otherwise eligible borrowers up to a maximum of FJ$75,000 per loan. The maximum limit on this guarantee is FJ$1 million annually. FDB's...

Companies mentioned in this report are: Fiji Development Bank,Fiji Islands (Republic of)
Action: Review

Fiji Development Bank,Fiji Islands (Republic of)

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