Fitch Assigns Nedbank's Unsubordinated Notes Expected 'BBB' Rating
Fitch Ratings-London/Johannesburg-18 September 2009: Fitch Ratings has today assigned Nedbank Limited's (Nedbank, rated 'BBB'/Outlook Stable) issue of EUR75m unsubordinated, floating-rate notes an expected Long-term rating of 'BBB'.
The notes will be issued during September 2009 under Nedbank's European medium-term note programme and have a maturity of three years. The final rating is contingent on the receipt of final documents conforming to the information already received.
The unsubordinated notes will rank alongside the senior creditors of Nedbank. Consequently, the notes' expected rating is equivalent to Nedbank's Long-term IDR. Based on Fitch's equity credit criteria these securities do not qualify for equity credit.
Nedbank Group is South Africa's fourth-largest banking group. Nedbank is the group's primary operating subsidiary and comprises four core business clusters: Nedbank Corporate, Nedbank Business Banking, Nedbank Retail and Nedbank Capital as well as its 50.1% subsidiary, Imperial Bank Limited. The group is 53.9%-owned by Old Mutual Life Assurance Company (South Africa) Limited and its associates. The ultimate holding company is Old Mutual Plc.
Contacts: Anthony Walker, Denzil de Bie, Johannesburg, Tel: +27 11 380 0900.
Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
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