Fitch Rates Nigeria’s Zenith Bank’s USD1bn GMTN Programme at ‘B+’

Fitch Ratings has assigned Zenith Bank Plc’s (Zenith) USD1bn Global Medium Term Note Programme a Long-term rating of ‘B+’ with a Recovery Rating of ‘RR4’ and a Short-term rating of ‘B’. The Recovery Rating is in accordance with Fitch’s soft cap for Nigeria. Fitch notes that there is no assurance that notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the rating assigned to the programme. The programme’s ratings are aligned with Zenith’s Long-term Issuer Default Rating (IDR) of ‘B+/Stable’ and Short-term IDR of ‘B’, which Fitch affirmed on 4 March 2014. 

Leave a Reply

Your email address will not be published. Required fields are marked *