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HomeTop NewsFitch Affirms Stanbic IBTC Holding at 'AAA(nga)

Fitch Affirms Stanbic IBTC Holding at ‘AAA(nga)

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Fitch Ratings has affirmed Stanbic IBTC Holding Company
Plc’s (SIBTCH) National Long-term rating at ‘AAA(nga)’ and National Short-term
rating at ‘F1+(nga)’.
The affirmation follows Fitch’s rating action on South African banks on 17 June
2014, where the agency revised the Outlook on Standard Bank Group Limited’s
(SBG) Long-term foreign currency Issuer Default Rating (IDR) to Negative from
Stable and affirmed the rating at ‘BBB’ (See “Fitch Revises Outlook on 4 South
African Banks to Negative” dated 17 June 2014).  SBG is SIBTCH’s ultimate
parent, with a 53.2% ownership.
SIBTCH’s ratings are based on parent support. Nigeria is an important market for
SBG and Fitch views SIBTCH as a strategically important subsidiary, underpinned
by high integration with the parent group.
SIBTCH’s ratings are sensitive to Fitch assessment of the willingness or ability
of SBG to provide support to SIBTCH. At the current level, the ratings could
withstand a downgrade of up to three notches of SBG’s ‘BBB’ IDR as Nigeria’s
Country Ceiling of ‘BB-‘ is currently four notches lower.

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