TEXT-S&P affirms Republic Bank Ltd 'BBB+/A-2' ratings

Thu Dec 20, 2012 6:05pm EST

Overview
     -- The ratings on Trinidad and Tobago-based Republic Bank reflect its 
strong market position with adequate diversification of business activities, 
and very strong risk-adjusted capitalization.
     -- We are affirming our 'BBB+/A-2' issuer credit ratings on the bank. 
     -- The stable outlook reflects our expectation that the bank's leading 
position in Trinidad and Tobago and its very strong capitalization levels will 
support its stand-alone credit profile.

Rating Action
On Dec. 20, 2012, Standard & Poor's Ratings Services affirmed its 'BBB+' 
long-term and 'A-2' short-term issuer credit ratings (ICR) on Republic Bank 
Ltd. The bank's stand-alone credit profile (SACP) is 'bbb+'. The outlook is 
stable.

Rationale
The ratings on Republic Bank reflect our view of its "strong" (as our criteria 
define the term) business position, "very strong" capital and earnings, 
"moderate" risk position, and its "average" funding and "adequate" liquidity. 

The ratings also reflect the bank's important role for, and strong link to, 
the government of Trinidad and Tobago
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