Fitch: Fidelity Bank notes B

Fitch Ratings said it assigned a long-term foreign-currency rating of B and a recovery rating of RR4 to Fidelity Bank plc's $300 million 6 7/8% senior unsecured five-year notes.

The rating is directly driven by Fidelity's long-term issuer default rating of B and stable outlook.

The recovery rating of RR4 reflects average recovery prospects in case of default.

The bank also has a short-term foreign-currency issuer default rating of B, viability rating of B-, national long-term rating of BBB+(nga), national short-term rating of F2(nga) and senior unsecured debt rating of B with a recovery rating of RR4.

The bank's ratings are driven by potential support from the Nigerian authorities, if needed, based on the bank's systemic importance, Fitch said.

The ratings also consider the ability of the Nigerian authorities to provide such support, which remains limited, as indicated by the sovereign's BB- long-term issuer default rating.

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