Fitch affirms Guaranty Trust Bank

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, national long-term rating at AA-(nga) and short-term rating at F1+(nga).

The outlook is stable.

The ratings reflect the bank's well-established and growing franchise, Fitch said, and acceptable levels of capitalization and liquidity.

The ratings also take Nigeria's difficult operating environment into account, as well as a decline in the bank's financial performance, asset quality indicators and rapid levels of credit growth up to 2008, the agency said.

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