Belize Bank Earns Double A Plus Rating from Regional Evaluator

Belize Bank is celebrating a major win tonight. The bank has earned a double A plus credit rating from Caribbean Information and Credit Rating Services, CariCRIS, a strong vote of confidence in its financial strength and stability. Belize Bank first invited CariCRIS to independently assess its operations back in 2019 and has been working with the rating agency ever since. Today, we sat down with Executive Director, Filippo Alario, to talk about what this rating really means, not just for the bank, but for the future of banking in Belize.

 

Britney Gordon, Reporting

For the past seven years, Belize Bank has invited the Caribbean Information and Credit Rating Services (CariCRIS) to provide a third-party evaluation of its services and this year, the company is celebrating a double A plus local rating. CariCRIS is one of the Caribbean’s top rating agencies, providing independent evaluations of financial strength and credit risk across a wide range of industries. Belize Bank’s Executive Chairman, Filippo Alario shared is excitement about this year’s evaluation.

 

 Filippo Alario, Executive Chairman, Belize Bank Limited

“They use global standards in their rating exercises. They are backed by. Central banks throughout the region. They are owned partly by the Caribbean Development Bank and the Inter-American Development Bank, and they use standards from SMP Global. So we were very happy to been able to go through this exercise. This is the seventh year that we do it, and we recently got our 2025 ratings.”

 

CariCRIS provides two assessments: a local rating and a regional rating. According to Alario, this year’s ratings indicate that the bank is in line with the best banks in the region.

 

 Filippo Alario

“This year’s rating, I think was a powerful statement of our financial strength and standing. We received two ratings. One rating is a local rating, which is double A plus that is the highest rating possible in any jurisdiction. And we received a triple B rating with a stable outlook for the regional rating. Essentially these two ratings are for different type of investors or readers”

 

The process kicks off every October, with lead examiners sending questions to the bank, then checking back in to see how it’s performing in different areas.

 

 Filippo Alario

“They come back and try to validate every single item that they feel needs more clarification. They also not only interview me, but they interview all senior executives.”

 

Alario explains that the rating matters most to foreign investors and partners looking to do business with the bank. He explains that while the information may not read as important to the average Belize Bank customer, it is another stamp of validation for the services that are being provided.

 

 Filippo Alario

“I think it’s important for them to know that, there is an independent entity with global standards that scrutinizes.”

 

While the double A‑plus rating underscores Belize Bank’s strength, executives say holding on to it will require careful management and adapting to shifts in the local economy. Britney Gordon for News Five.