Fitch assigns Fidelity Bank notes B-

Fitch Ratings said it assigned Fidelity Bank plc's $400 million of senior unsecured notes maturing October 2026 a long-term rating of B- and an RR4 recovery rating, reflecting average recovery prospects.

“The notes' rating is aligned with Fidelity's long-term issuer default rating (IDR) of B-, which captures Fitch's view that the likelihood of default on these senior unsecured obligations reflects the likelihood of default of the bank,” the agency said in a press release.

The proceeds will be used for general corporate purposes, including supporting the bank's trade finance business.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.