Fitch affirms Standard Bank

Fitch Ratings said it affirmed Standard Bank Group Ltd.'s long-term issuer default ratings at BB+.

At the same time, Fitch affirmed the long-term issuer default ratings of main operating subsidiary Standard Bank of South Africa Ltd. at BB+.

The outlooks are stable.

The agency said the ratings are driven by the entities’ standalone creditworthiness, as defined by their viability ratings, which are constrained by the South African sovereign rating of BB+.

Fitch said that in its view, Standard Bank cannot be rated above the sovereign, given its concentration of activities within South Africa, including significant exposure to government securities and lending to the public sector.

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