Moody's: First Citizens Bank to negative

Moody's Investors Service said it affirmed First Citizens Bank Ltd.'s C- standalone bank financial strength rating, which maps to a baa1 baseline credit assessment, and changed the outlook to negative from stable.

The bank's A2 and Prime-1 long- and short-term local currency deposit ratings were also affirmed and the outlook was changed to negative from stable.

The agency also affirmed First Citizens Bank's Baa1 and Prime-2 foreign currency deposit ratings, with a stable outlook, as they are constrained by Trinidad and Tobago's Baa1 country ceiling for foreign currency deposits.

In addition, Moody's affirmed First Citizens (St. Lucia) Ltd.'s A2 long-term foreign currency senior debt rating, and changed the outlook to negative from stable, as it is mapped directly from the bank's local currency deposit rating and is unconstrained by the A1 foreign currency ceiling for bonds and notes for Trinidad and Tobago.

The outlook change on First Citizens Bank's standalone ratings reflects the weakening of the bank's profitability indicators during the past three years, due to declining net interest margins and rising operating costs, Moody's said.

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