Fitch Ratings has assigned Diamond Bank Plc’s (Diamond) USD200m senior debt notes a final Long-term rating of ‘B’ with a Recovery Rating of ‘RR4’. The Recovery Rating is in accordance with Fitch’s soft cap for Nigeria.
The final rating is in line with the ‘B(EXP)’ expected rating Fitch assigned to the notes on 7 May 2014 (see “Fitch Rates Diamond Bank’s Senior Debt ‘B(EXP)'” at www.fitchratings.com).
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