Fitch rates Nedbank debt BBB+

Fitch Ratings said it assigned Nedbank Ltd.'s $2 billion medium-term note program expected ratings of long-term BBB+ for senior unsecured debt, long-term BBB for subordinated debt and short-term F2 for senior short-term debt. The final rating is contingent on the receipt of final documents.

Nedbank's long-term foreign-currency issuer default rating is affirmed at BBB+ with negative outlook, long-term local-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, national long-term rating at AA(zaf) with stable outlook and national short-term rating at F1+(zaf).

Nedbank Group's long-term foreign-currency issuer default rating is affirmed at BBB with negative outlook, long-term local-currency issuer default rating at BBB, short-term foreign-currency issuer default rating at F3, national long-term rating at AA-(zaf) with stable outlook and national short-term rating at F1+(zaf).

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