Moody’s: Zenith Bank note program B1

Moody's Investors Service said it assigned a B1 rating with a stable outlook to the $500 million five-year senior unsecured notes recently issued out of Zenith Bank plc's $1 billion global medium-term note program.

The agency also assigned provisional senior unsecured foreign-currency ratings of provisional B1 to the program.

Securities issued under the program will constitute direct, unsecured and unsubordinated obligations of Zenith Bank.

Moody’s said the provisional B1 long-term foreign currency senior unsecured rating assigned to the program and the B1 rating assigned to the $500 million drawdown is aligned with Zenith's B1 local currency deposit ratings, reflecting that the debt securities will be unsecured and unsubordinated obligations of Zenith and will rank at least equally with all other unsecured and unsubordinated obligations of the bank at all times.

Under the program, Zenith may issue notes up to a maximum aggregate amount of $1 billion.

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