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Standard & Poor's Affirms First Citizens Ratings of 'BBB+/A-2'

First Citizens Bank Limited received affirmation of its counterparty credit rating of ‘BBB+/A-2’ from Standard & Poor’s on September 15, 2010.

Additionally the ratings of its US$100 million bonds from First Citizens and US$100 million from First Citizens (St. Lucia) Limited were also affirmed at ‘BBB+’.

This considers First Citizens ability to grow inorganically and to continue to increase its asset base while reducing its client concentrations.

This rating was based on First Citizens financial performance, conservative and consistent managerial track record, as well the initiatives for sector diversification.

Despite active competition in the market, the Bank enjoys a sound financial profile, good recognition in the market and prudent expansion.

The Bank has also consistently reported low non-performing loan levels and strong capitalisation; among the best in the local banking industry. Standard and Poor’s also project stability in asset quality and profitability levels.

This rating is reflective of the consistent hard work and commitment exhibited by the Bank’s staff in serving its customers.

Dexter Charles
Manager – Group Corporate Communications
September 15th 2010

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