Business Services Industry
Fitch Affirms & Removes from Watch Negative Royal Bank of Canada, RBC Centura Still on Watch Negative
Business Wire, July 18, 2005
NEW YORK -- Fitch has affirmed the rating and removed the Negative Rating Watch on Royal Bank of Canada (rated 'AA', 'F1 ', and 'A/B' by Fitch). The long-term, short-term, and individual ratings of RBC Centura Banks, Inc. (rated 'AA-', 'F1 ', and 'B' by Fitch) and its subsidiaries remain on Rating Watch Negative. The Rating Watch Negative was placed on both entities in September 2004 following a senior management reshuffle and a restructuring charge, as well as continued difficulties and missteps in the company's U.S. operation. Since that time, Royal Bank of Canada has improved its overall financial performance despite the continued lackluster although improving results from their U.S. operation. The continuation of the Negative Rating Watch for RBC Centura reflects the additional work the company still needs to do to achieve adequate returns from its U.S. operation.
The Negative Rating Watch will be resolved following the continued review of RBC Centura's strategy to improve their financial performance.
The following ratings are affirmed and removed from Rating Watch Negative by Fitch:
Royal Bank of Canada
-- Senior unsecured rating at 'AA';
-- Subordinated debt at 'AA-';
-- Short-term rating at 'F1 ';
-- Individual rating at 'A/B';
-- Support at '1';
-- Stable Rating Outlook.
The following ratings remain on Negative Rating Watch:
RBC Centura Banks, Inc.
-- Senior unsecured rating 'AA-';
-- Short-term rating 'F1 ';
-- Individual rating 'B';
-- Support '1'.
RBC Centura Bank
-- Senior unsecured rating 'AA-';
-- Long-term deposits 'AA-';
-- Short-term deposits 'F1 ';
-- Short-term rating 'F1 ';
-- Individual rating 'B';
-- Support '1'.
RBC Capital Trust I
-- Trust-preferred securities 'A '.
Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Content provided in partnership with
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- LIFO vs. FIFO: a return to the basics
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Using object-oriented analysis and design over traditional structured analysis and design
- Design a commission plan that drives sales - Sales Commissions


