JOHANNESBURG – The Standard Bank Group’s capacity to support its subsidiaries on the continent was highlighted with the affirmation by credit ratings agency Fitch Ratings of Stanbic IBTC Holdings plc, Nigeria’s leading end-to-end financial solutions provider, and Stanbic IBTC Bank plc, its banking subsidiary, retaining their national long-term ratings of AAA (nga).
In a statement yesterday, the group said a key rating driver for both companies was their affiliation to South Africa’s Standard Bank Group, their parent company.
“The ratings are an indication of the Standard Bank Group’s capacity and readiness to support both organisations. Another factor taken into cognisance during the rating process were the role of both companies as Standard Bank’s main operations in West Africa, as well as the ownership size and high operational integration,” it said.
According to the report, both organisations also maintained their national short-term ratings of F1+ (nga).
The “AAA (nga)” rating represents the highest score assigned by Fitch Ratings in its national rating scale for Nigeria. It is assigned to issuers with the lowest expectation of default risk in comparison with other issuers in Nigeria.