Fitch affirms National Development Bank

Fitch Ratings said it affirmed the national long-term rating of National Development Bank plc at AA(lka), along with its subordinated debentures at AA-(lka).

The outlook remains stable.

The ratings are reflective of its continued strong financial profile relative to its peers, Fitch said.

The ratings are constrained by the bank's relatively less diversified funding and lending, a consequence of its comparatively recent transformation to a licensed commercial bank from a licensed specialized bank, the agency said.

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