Fitch Ratings, has affirmed that Stanbic IBTC Holdings plc, Nigeria’s leading end-to-end financial solutions provider, and Stanbic IBTC Bank PLC, its banking subsidiary, has retained their National Long-Term Ratings of AAA(nga).
According to the report, both organisations also maintained their National Short-Term Ratings of F1+(nga).
Fitch rating noted that the ‘AAA (nga)’ rating represents the highest score assigned by Fitch Ratings in its National Rating Scale for Nigeria; and it is assigned to issuers with the lowest expectation of default risk in comparison with other issuers in Nigeria.
According to the report, “The National Short-Term Rating of F1on the other hand, is bestowed on issuers or obligations that have the strongest capacity for timely payment of financial commitments relative to other issuers in the same country. Stanbic IBTC Bank PLC and Stanbic IBTC Holdings PLC were however rated as F1+(nga) due to their very strong liquidity profiles.
“A keyrating driver for both companies is their affiliation to South Africa’s Standard Bank Group, their parent company. The ratings are an indication of the Standard Bank Group’s capacity and readiness to support both organisations.
“Another factor taken into cognisance during the rating process were the role of both companies as Standard Bank’s main operations in West Africa as well as the ownership size and high operational integration.
“Despite Nigeria’s Country Ceiling Rating of B+, Fitch affirms that a downgrade of Nigeria’s rating will not result in the lowering of the National Long-Term and National Short-Term ratings of both Stanbic IBTC Holdings PLC and Stanbic IBTC Bank.”