S&P rates First Citizens notes BBB

Standard & Poor's said it assigned its BBB long-term senior unsecured debt rating to the $100 million senior unsecured notes issued by First Citizens Bank Ltd.'s subsidiary, First Citizens (St. Lucia) Ltd.

The notes will have a tenor of seven years and are fully guaranteed by First Citizens Bank.

S&P said the rating considers First Citizens Bank's conservative managerial track record, improvements in asset quality and profitability, its strong capitalization, and government support. Offsetting rating factors are the relatively high exposure to the government of Trinidad and Tobago (BBB+/positive/A-2), the small and nondiversified economy of the country, and increased competition in the market place.

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