(Repeat for additional subscribers)
May 7 (The following statement was released by the rating agency)
Fitch Ratings has assigned Diamond Bank Plc's (Diamond) USD senior debt notes
an expected Long-term rating of 'B(EXP)' with a recovery rating of 'RR4(EXP)'. The recovery
rating is in accordance with Fitch's soft cap for Nigeria. The structure of the notes is not yet
finalised, and the final rating is contingent upon the receipt of final documents conforming to
information already received.
KEY RATING DRIVERS
The rating is aligned with Diamond's Long-term Issuer Default Rating (IDR) of
'B/Stable', which Fitch affirmed on 4 March 2014.
The rating is sensitive to a change in Diamond's Long-term IDR. The recovery
rating is also sensitive to a change in Fitch's assumption regarding recoveries
in the event of a default.