Nedbank Group Ltd. Announces Credit Rating Upgrade By Fitch

Friday, 20 Jul 2012 02:00am EDT 

Nedbank Group Ltd. announced that on July 19, 2012 Fitch Ratings released a media statement that the credit ratings of Nedbank Group Limited and its 100% owned subsidiary, Nedbank Limited (Nedbank) had been upgraded. Nedbank Group and Nedbank’s Long-term foreign and local currency Issuer default rating (IDR) ratings had been upgraded to BBB+ from BBB. At the same time the Viability Ratings had been upgraded to bbb+ from bbb and the National Long-term rating to AA(zaf) from AA-(zaf). Fitch has also upgraded Nedbank’s Senior Unsecured Notes and Subordinated Notes. The Senior Unsecured notes Long-term rating were upgraded to BBB+ from BBB, and the National Long-term rating was upgraded to AA(zaf) from AA-(zaf). Nedbank’s Subordinated Notes were upgraded to BBB from BBB-. All other ratings of the group and bank have been affirmed. The Outlook on the National ratings remains stable and the Outlook on all the Long-term ratings remains Negative reflecting the uncertain economic environment. 

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