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
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)'
Denzil De Bie
+44 20 3530 1592
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
+44 20 3530 1187
+49 69 768076 113
Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email:
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
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
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.
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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
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