Moody's may cut First Citizens

Moody's Investors Service said it has placed the A1 long-term local currency deposit rating of First Citizens Bank Ltd. on review for possible downgrade in light of its global review of systemic support for bank ratings in the context of the current credit crisis.

As a result, Moody's said it also placed on review for possible downgrade the A1 ratings for the foreign currency debt of First Citizens Bank (St Lucia) that is guaranteed by First Citizens.

The bank's C- bank financial strength rating, Prime-1 short-term local currency deposit rating, and Baa1/Prime-2 foreign currency deposit ratings are not affected by this review and have been affirmed, the agency added.

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