Fitch downgrades Development Bank of Namibia

Fitch Ratings said it downgraded Development Bank of Namibia's long-term issuer default ratings to BB+ from BBB-, short-term issuer default ratings to B from F3 and national long-term rating to AA+(zaf) from AAA(zaf).

This follows the Nov. 20 downgrade of Namibia's long-term issuer default ratings to BB+ from BBB- and national long-term rating to AA+(zaf) from AAA(zaf).

The outlook is stable.

Following the sovereign downgrade, Fitch also downgraded the bank’s support rating to 3 from 2 and revised its support rating floor to BB+ from BBB-.

Development Bank of Namibia’s ratings are equalized with those of the Namibian sovereign, the agency explained.

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