Fitch affirms Guaranty Trust

Fitch Ratings said it affirmed Guaranty Trust Bank plc's long-term foreign-currency issuer default rating at B+, short-term foreign-currency issuer default rating at B, individual rating at D and support rating at 4. The support rating floor is affirmed at B, along with its national long- and short-term ratings at AA-(nga) and F1+(nga), respectively.

The outlook is positive, reflecting the bank's enhanced risk and working capital base, growing franchise and enhanced earnings capacity, Fitch said.

The ratings reflect its well-established and growing franchise, strong financial performance, sound asset quality and strong capital levels, the agency said.

The ratings also reflect Nigeria's difficult operating environment and the bank's concentrated loan book, Fitch added.

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