TEXT-Fitch assigns FirstRand Bank Limited debt 'AA-(zaf)' rating

Fri Dec 7, 2012 10:36am EST

Dec 7 - Fitch Ratings has assigned FirstRand Bank Limited's (FRB) callable
subordinated notes of up to ZAR1.5bn under the bank's DMTN programme a rating of
'AA-(zaf)'.

FRB has indicated that it intends for this issue to qualify as Tier 2 capital 
under Basel III, with limited regulatory recognition until the Resolution Regime
framework is adopted in South Africa. The notes mature on 11 December 2022 with 
an option to call after five years on a non-step-up basis.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The National Long-term rating on the subordinated Tier 2 issue under the DMTN 
programme is notched from FRB's VR-driven National Long-term rating ('AA(zaf)').


The notching comprises one notch for loss severity and 0 notches for 
non-performance in line with Fitch's criteria "Assessing and Rating Bank 
Subordinated and Hybrid Securities", dated 5 December 2012. Their ratings are 
primarily sensitive to any change in FRB's National Long-term rating.

FRB's ratings are unaffected by this announcement and are as follows: 

Long-term foreign currency IDR: 'BBB+'; Outlook Negative

Long-term local currency IDR: 'BBB+'; Outlook Negative

Short-term foreign currency IDR: 'F2'

Viability Rating: 'bbb+'

Support Rating: '2'

Support Rating Floor: 'BBB-'

National Long-term rating: 'AA(zaf)'; Outlook Stable

National Short-term rating: 'F1+(zaf)'

Senior unsecured notes: Long-term foreign currency rating 'BBB+'; Short-term 
foreign currency: 'F2'; National Long-term rating: 'AA(zaf)'

Upper tier 2 notes: National Long-term rating: 'A(zaf)'

Contact: 

Primary Analyst 

Denzil De Bie

Director

+44 20 3530 1592

Fitch Ratings Limited

30 North Colonnade

London E14 5GN

Secondary Analyst 

Redmond Ramsdale

Director

+44 20 3530 1187

Committee Chairperson

Michael Dawson-Kropf

Senior Director

+49 69 768076 113

Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: 
hannah.huntly@fitchratings.com.

Additional information is available on www.fitchratings.com.

The ratings above were solicited by, or on behalf of, the issuer, and therefore,
Fitch has been compensated for the provision of the ratings.

Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 
August 2012, 'National Ratings', dated 19 January 2011 and Assessing and Rating 
Bank Subordinated and Hybrid Securities', dated 5 December 2012 are available on
www.fitchratings.com.

Applicable Criteria andALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.  
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: 
here.  IN ADDITION, RATING 
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S 
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.  PUBLISHED RATINGS, CRITERIA AND 
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES.  FITCH'S CODE OF 
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE 
AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF 
CONDUCT' SECTION OF THIS SITE.

EOTMARKER 

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 Transmission history : 1 alert filed
 
 Time        USN  User  Headline
 07/12/2012  WNA  WE    FITCH ASSIGNS FIRSTRAND BANK LIMITED'S
 10:31:18    711  SCRI  TIER 2 DEBT 'AA-(ZAF)' RATING
                  T     
 NORMAL RATINGS FirstRand Ltd Fitch Assigns FirstRand Bank Limited's Tier 2 Debt
'AA-(zaf)' Rating FirstRand Ltd FirstRand FSRJ.J ZAR 17437554416 0.82608 INDEX
.JALSH Johannesburg SE All Share INDEX .JTOPI Johannesburg SE Top 40 Tradeable
ZA E SF INVB CMPNY EMRG INS INVB BNK ZA yes
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