Fitch affirms Standard Bank

Fitch Ratings said it affirmed Standard Bank of South Africa Ltd.'s long-term foreign- and local-currency issuer default ratings at BBB+, short-term foreign-currency issuer default rating at F2, national long-term rating at AA(zaf), national short-term rating at F1+(zaf) and senior debt at BBB+/F2.

Fitch assigned long-term foreign- and local-currency issuer default ratings of BBB+ and a short-term issuer default rating of F2 to its parent company Standard Bank Group Ltd. Fitch also affirmed the group's short-term national rating at F1+(zaf).

Fitch Ratings said it affirmed Standard Bank plc's long- and short-term issuer default ratings at BBB+ and F2, respectively. Fitch also affirmed the bank's senior notes at BBB+/F2, subordinated notes at BBB and hybrid capital instruments at BBB-.

The outlook is stable.

The ratings reflect Standard Bank of South Africa's strong South African franchise, consistent core profitability and acceptable levels of core capitalization as well as weakened asset quality trends, the agency said.

The ratings of Standard Bank reflect its integration with and high probability of support from Standard Bank of South Africa, the agency said.

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