Moody's has also assigned a B3 foreign currency senior secured debt rating to US$ 175 million of fixed rate secured notes to be issued by CFG Holdings and CFG Finance LLC, as co-issuer and guarantor, due in 2019, subject to final documentation. The notes will be fully and unconditionally guaranteed, both severally and jointly, by Caribbean Financial, its ultimate parent, as well as by its existing and future operating subsidiaries, with certain exceptions. The notes will be used primarily to replace the existing secured revolving facility provided by Wells Fargo Bank N.A.

The outlook on all ratings is stable.

The following ratings have been assigned to CFG Holdings and CFG Finance:

Foreign currency corporate family rating: B3, stable outlook

Foreign currency senior secured debt rating: B3, stable outlook

RATING RATIONALE

CFG Holdings' B3 CFR and B3 senior secured foreign currency debt ratings represent Moody's opinion of the company's consolidated credit risk, equivalent to the weighted average of all debt classes within the company's capital structure and as such reflects the predominance of senior secured obligations in the company's debt structure.

CFG Holdings' ratings reflect the company's low earnings generation capacity and monoline franchise as a lender to low and middle-income individuals in developing markets on an unsecured basis. The ratings also reflect the company's high leverage and refinancing risk, low standalone liquidity, as well as a lack of funding diversification, as it is entirely dependent upon a revolving credit facility from Wells Fargo, its former owner. Management is seeking to address the funding diversification and refinancing risk issues through the proposed bond issue, although the higher cost this debt is expected to entail will likely weigh on earnings at least over the near term. The company also has negative tangible common equity, per Moody's global finance company methodology, the result of a very low proportion of common stock and relatively high goodwill and intangibles carried on its balance sheet.

The B3 rating is also indicative of the company's multi-country expansion in developing markets including continued growth in Panama and Trinidad. While the company's asset quality metrics are satisfactory to date, Moody's said that it is unclear whether they will be sustainable as the company expands in its various jurisdictions and given the company's relatively short track record under its current ownership.

Positive risk factors underlying CFG Holdings' ratings are its established market presence under the Island Finance and Financiera El Sol brands for 20 years or more in the countries where it operates, aegis of the former Norwest Financial and more recently Wells Fargo. The ratings also reflect CFG's geographic diversification and management expertise both in the industry and in the region which provide the company with a flexible platform for future growth. CFG nevertheless faces strong competition from much larger institutions in all of its markets, particularly banks that have the advantage of cheap retail-based funding, large branch infrastructures and financial resources to invest in technology upgrades, as well as greater depth of management and operations.

The principal methodology used in this rating was Moody's Finance Company Global Rating Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Based in the Cayman Islands, CFG Holdings Ltd is a wholly-owned intermediate holding company of Caribbean Financial Group Holdings, LP, engaged in granting consumer and sales finance loans through its company operations located in Central America and the Caribbean. Incorporated in August 2006 in the state of Delaware Caribbean Financial is 96.45% owned by Irving Place Capital (IPC), a private equity firm. As of June 2012, Caribbean Financial reported US$ 350 million in assets, US$ 291 million in loans and US$ 147 million in shareholder's equity.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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Jeanne Del Casino VP - Senior Credit Officer Financial Institutions Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Maria Celina Vansetti-Hutchins MD - Banking Financial Institutions Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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