First Citizens Clears US$175m Debt


Trinidad and Tobago’s state bank First Citizens has ended its relationship with international investment firm, Moody’s Investor Services.

This follows last week’s move by the Bank to repay its outstanding debt of USD$175-million.

Deputy chief executive Jason Julien says the company took the decision to clear its balance sheets of all debt when they became due on February 9.

He says since the bank currently has a strong balance sheet and surplus capital, it was felt that there was no need to go back to the international capital market at this time.

Julien says as such, the Bank decided to repay the bonds fully when they matured and end the relationship with Moody’s.