Fitch rates Stanbic IBTC Bank notes AAA(nga)

Fitch Ratings said it assigned an expected national long-term rating of AAA(nga) to Stanbic IBTC Bank plc's upcoming series 1 naira-denominated 30 billion five-year senior unsecured notes due 2023.

The senior unsecured notes will be issued through the bank's updated 150 billion in naira structured note program.

Fitch also said it assigned expected national long- and short-term program ratings of AAA(nga) and F1+(nga) on the senior unsecured notes only.

The senior notes are rated at the same level as the bank's long-term national rating of AAA(nga) as the notes constitute the bank's direct, unconditional, unsubordinated and unsecured obligations and rank equally with all other senior obligations, the agency said.

The national ratings are driven by potential support from its ultimate parent, South Africa's Standard Bank Group Ltd., if needed, Fitch said.

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