Belize Bank Limited Attains AA-Plus Credit Rating from CariCRIS
The Belize Bank Limited has received an AA-Plus credit rating from the Caribbean Information and Credit Rating Services (CariCRIS). In the last quarter of 2019, the bank approached CariCRIS to conduct a review of its operations to assign a Credit Rating to the organization. Central Bank Governor, Kareem Michael, commended the bank for allowing its facility to be rated.
Kareem Michael, Central Bank Governor: “And I think it’s the CariCRIS Cari Rating Agency. I think it’s a pretty solid rating agency for the Caribbean region and I think Belize Bank was very smart and prudent in engaging. And it’s not the first time CariCRIS has rated Belize Bank. I think more banks should take a similar approach really. If you do things like that I think it helps your case for serious issues that still exist such as correspondent banking. So I think it’s a good move and obviously rating agencies can also – one of the primary motives behind credit rating agencies is largely for shareholder type of motives. So that’s also connected to it.”
According to the agency, the Belize Bank’s positive results reflect its strong presence in the Belizean commercial banking industry, its robust risk management framework, and strong asset quality. The bank says the scores are the first for a Belizean organization by a regional or international rating agency and therefore bodes well for other aspiring Belizean companies hoping to improve their profile on the regional and international market. The Caribbean Information and Credit Rating Services (CariCRIS) is the Caribbean’s leading credit rating agency, with shareholding by regional Central Banks, several major regional commercial banks, and CRISIL, an associate company of the globally recognized rating agency Standard & Poor’s.