2008-06-20 23:41:07 -

- Fitch upgraded RBC Financial (Caribbean) Limited, formerly RBTT Financial Holdings Limited (RBTT), to 'A+' from 'BBB-' after Royal Bank of Canada's (RBC) purchase of RBTT was completed on June 16, 2008 in a transaction valued at approximately US$2.2 billion. The upgrade to 'A+' reflects the institutional support from the new, strongly rated parent while recognizing the sovereign risk associated with Trinidad & Tobago. The Outlook is Stable.

The transaction broadens RBC's Caribbean franchise to operate in 18 countries and territories across the region with approximately US$13.7 billion in assets and 130 branches. Highly rated, RBC (rated 'AA/F1+', with a Stable Outlook by Fitch) is a well-diversified company with approximately C$627.5 billion in assets, as of April 30, 2008.

Fitch upgrades the following, with a Stable Outlook:

RBC Financial (Caribbean) Limited (formerly RBTT Financial Holdings Limited)

--Long-term Individual Default Rating (IDR) to 'A+' from 'BBB-';

--Short-term IDR to 'F1' from 'F3';

--Individual to 'B/C' from 'C';

--Support rating to '1' from '5'.

RBTT Bank Ltd

--Long-term IDR to 'A+' from 'BBB';

--Short-term IDR to 'F1' from 'F3';

--Individual to 'B/C' from 'C';

--Support rating to '1' from '2'.

RBTT Finance Ltd

--Senior debt to 'A+' from 'BBB-'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings, New York
Matthew Rose, +1-212-908-0520
Joseph Scott, +1-212-908-1624
John Mackerey, +1-212-908-0366
Kenneth Reed, +1-212-908-0540 (Media Relations)