Fitch rates Imperial Bank notes A(zaf)

Fitch Ratings said it assigned an A(zaf) national long-term rating to South Africa-based Imperial Bank Ltd.'s upcoming issue of ZAR500 million subordinated unsecured callable bonds. The agency affirmed Imperial's A+(zaf) national long-term rating, F1(zaf) short-term rating and 2 support rating. The outlook is stable.

The bonds represent direct subordinated and unsecured obligations of the issuer and will rank pari passu with other subordinated issues. They will mature in 9 years and 9 months from the issue date with a no-call period of 4 years and 9 months. Proceeds will be used for general corporate purposes.

Imperial is 50.1% owned by Nedbank Ltd. and 49.9% by Imperial Holdings Ltd. Fitch said the ratings are based on the strong support the bank enjoys from its shareholders: Nedbank provides funding and risk management support, and Imperial Holdings provides deal flow and a captive customer base.

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