S&P Global, the data, analytics and economic ratings company, has given First Citizens bank, a subsidiary of First Citizens Group Financial Holdings Ltd (FCGFHL), a rating of “BBB” or “stable,” S&P Global said in a ratings report on September 8.

The ratings company said First Citizens' very strong capitalisation helps its creditworthiness, especially in distressed scenarios. It added that it also has good business diversification and market position as the second-largest bank in the TT banking system. Its large base customer deposits was also a benefit.

On the other hand, S&P said TT’s reliance on the energy sector could jeopardise the stability of business and operating conditions. It said asset quality could deteriorate amid sluggish domestic and employment recovery. It said another risk to the bank’s credit rating was a high single-name loan concentration because of corporate lending focus, which could make asset quality and capitalisation volatile.