Fitch Upgrades RBTT's IDR to 'A+' on Purchase by Royal Bank of Canada

Business Wire, June 20, 2008

NEW YORK -- 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-'.

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