Fitch affirms iNkotha

Fitch Ratings said it has affirmed iNkotha Investments Ltd.'s national short-term rating at F1(zaf).

The rating affirmation follows Fitch's satisfactory review of iNkotha's sponsor, Rand Merchant Bank, a division of FirstRand Bank Ltd. (AA(zaf)/F1+(zaf)/outlook negative), the agency added.

According to Fitch, iNkotha is a South African bond fund program structured to issue up to ZAR 10 billion of notes. The issuer advances overnight call loans to eligible rated obligors.

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