Fitch affirms Nedbank

Fitch Ratings said it affirmed Nedbank Group Ltd.'s long-term issuer default rating at BB+.

The agency also affirmed the long-term issuer default rating of the bank’s main operating subsidiary Nedbank Ltd. at BB+.

Fitch said the ratings are driven by the entities’ standalone creditworthiness, as defined by their viability ratings.

The viability ratings are constrained by the South African sovereign rating of BB+, the agency said.

Fitch said that in its view, the bank cannot be rated above the sovereign, given its concentration of activities within South Africa, including significant exposure to government securities and lending to the public sector.

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