Fitch affirms Nedbank

Fitch Ratings said it affirmed the long-term issuer default ratings of Nedbank Group Ltd. and its 100%-owned subsidiary, Nedbank Ltd. at BBB.

The ratings factor in the bank's asset quality and financial performance, which deteriorated in 2009 due to a challenging operating environment and lead to higher retail impairments and lower endowment earnings, the agency said.

The ratings also reflect the bank's intrinsic strength through a well-established and growing domestic franchise and improved levels of tier 1 capital, the agency said.

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