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S&P rates GTB notes B+, B-
Standard & Poor's said that it assigned a B+ preliminary long-term rating and B preliminary short-term rating to the updated $2 billion global medium-term note program of GTB Finance BV.
Debt issued under the program will be unconditionally and irrevocably guaranteed by Guaranty Trust Bank plc (B+/stable/B).
S&P assigned a preliminary B- long-term debt rating to dated subordinated notes issued under the program.
The ratings on the senior notes are in line with the counterparty credit ratings on GTBank, which are constrained by the high economic and industry risks associated with operating in Nigeria (B+/stable/B); the bank's restricted geographic and lending diversification; high exposure to credit risks, accentuated by concentrations in the loan portfolio; and strained, albeit improving, asset quality, the agency said.
The ratings are supported by GTBank's good franchise in top-tier corporate banking in Nigeria, good financial performance compared with the sector, satisfactory capitalization and a satisfactory funding and liquidity profile, the agency added.
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