-- 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.
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
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