NED/NBKP - Nedbank Group - Credit rating action by fitch ratings
NED NBKP
NED
NED/NBKP - Nedbank Group - Credit rating action by fitch ratings
NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
ISIN: ZAE000004875
NEDBANK LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1951/000009/06
JSE share code: NBKP
ISIN: ZAE000043667
CREDIT RATING ACTION BY FITCH RATINGS
Fitch Ratings has affirmed the ratings of Nedbank Group Limited (Nedbank Group)
at Long-term foreign and local currency Issuer default rating (IDR) BBB, and
National Long-term rating at AA-(zaf), respectively. The Short-term foreign
currency IDR has been upgraded to `F2` from `F3`. The Outlook on all three
ratings has been revised to Stable from Negative.
Fitch Ratings has downgraded Nedbank Limited`s (Nedbank) Long-term foreign and
local currency Issuer Default Ratings (IDRs) to `BBB` from `BBB+`, and the
National Long-term rating to `AA-(zaf)` from `AA(zaf)`, respectively. The
Outlook on the three ratings has been revised to Stable from Negative.
Nedbank Group`s and Nedbank`s other ratings are not affected by this rating
action.
The full list of the ratings is attached below.
Nedbank Group
Long-term foreign currency IDR: affirmed at `BBB`; Outlook revised to Stable
from Negative
Long-term local currency IDR: affirmed at `BBB`; Outlook revised to Stable from
Negative
Short-term foreign currency IDR: upgraded to `F2` from `F3`
National Long-term Rating: affirmed at `AA-(zaf)`; Outlook revised to Stable
from Negative
National Short-term Rating: affirmed at `F1+(zaf)`
Individual Rating: affirmed at `C`
Support Rating: affirmed at `2`
Nedbank
Long-term foreign currency IDR: downgraded to `BBB` from `BBB+`; Outlook revised
to Stable from Negative
Long-term local currency IDR: downgraded to `BBB` from `BBB+`; Outlook revised
to Stable from Negative
Short-term foreign currency IDR: affirmed at `F2`
National Long-term Rating: downgraded to `AA-(zaf)` from `AA(zaf)`; Outlook
revised to Stable from Negative
National Short-term Rating: affirmed at `F1+(zaf)`
Individual Rating: affirmed at `C`
Support Rating: affirmed at `2`
Sandton
24 July 2009
For further information please contact:
Mike Brown (Chief Financial Officer),
tel: +27 (0)11 294 9999, email: mikeb@nedbank.co.za
Markus Borner (Nedbank Group Capital Management),
tel: +27 (0)11 295 8616, email: markusb@nedbank.co.za
Don Bowden (Tier 1 Investor Relations)
tel: +27 (0)21 702 3102, email: don@tier1ir.co.za
Sponsors to Nedbank Group in South Africa:
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Sponsor to Nedbank Group in Namibia:
Old Mutual Investment Services (Namibia) (Pty) Ltd
Sponsors to Nedbank Limited:
Investec Bank Limited
Nedbank Capital
Date: 24/07/2009 17:44:02 Produced by the JSE SENS Department.
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