MEXICO CITY (Standard & Poor's) July 25, 2005--Standard & Poor's Ratings Services said today that it affirmed its 'A-/A-2' counterparty credit and CD ratings on FirstCaribbean International Bank Ltd. (FirstCaribbean). The outlook is stable. The ratings on FirstCaribbean are underpinned by its regional infrastructure, business diversification, and strong market share in the Caribbean; the success of its integration process; and its financial condition. The ratings also consider the support received from both U.K.-based Barclays Bank PLC (AA/Stable/A-1+) and Canadian Imperial Bank of Commerce (A+/Stable/A-1), FirstCaribbean's main shareholders. These factors are balanced by the challenges to expand the business in a conservative manner in a highly competitive operating environment in the Caribbean; the relative lack of economic diversity; and country concentration,...
Companies mentioned in this report are:
- FirstCaribbean International Bank Limited
- Barclays Bank PLC
- Canadian Imperial Bank of Commerce
Action: Outlook: Stable
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