Fitch rates EnTie Commercial bond BBB+(twn)

Fitch Ratings said it assigned a BBB+(twn) national long-term rating to EnTie Commercial Bank's proposed seven-year N$6 billion subordinated bond issue, which carries a 3¼% fixed coupon rate maturing Dec. 16, 2017.

The new capital raising is mainly for refinancing purposes and for maintaining adequate capitalization.

This issue is rated one-notch below the bank's national long-term rating of A-(twn).

The outlook is stable.

The bank suffered significant credit losses in the early and mid-2000s and was severely undercapitalized, Fitch said.

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