Fitch Rates Nedbank's Unsubordinated FRNs 'BBB'
Fitch Ratings-London/Johannesburg-02 October 2009: Fitch Ratings has today assigned Nedbank Limited's (Nedbank, rated 'BBB'/Outlook Stable) issue of EUR75m unsubordinated, floating-rate notes a final Long-term rating of 'BBB'. The notes were issued on 30 September 2009 under Nedbank's European medium-term note programme and have a maturity date of 6 August 2012. The date of the first call is 30 September 2010.
The unsubordinated notes will rank alongside the senior creditors of Nedbank. Consequently, the notes' final 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 53.3%-owned by Old Mutual Life Assurance Company (South Africa) Limited and associates (SA). The ultimate holding company is Old Mutual Plc.
Contact: 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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