Fitch rates Zenith Bank notes B+

Fitch Ratings said it assigned Zenith Bank plc's upcoming issuance of $500 million five-year senior unsecured notes an expected rating of B+(EXP).

The recovery rating is RR4, which denotes average recovery prospects in the event of default.

The notes will be issued under Zenith's updated $1 billion global medium-term note program.

The senior unsecured notes are rated in line with Zenith's long-term issuer default rating of B+. In the agency's view, the likelihood of default on these notes reflects the likelihood of default of the bank.

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