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May 7 (Reuters) - (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.
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.