Fitch rates Barclays Africa notes AA+(zaf)

Fitch Ratings said it assigned an expected national rating of AA+(zaf) to Barclays Africa Group Ltd.'s forthcoming Basel III compliant subordinated tier 2 notes.

The notes will be issued under the company’s existing ZAR 30 billion domestic medium-term note program under which Barclays Africa already has issued both senior unsecured notes and Basel III compliant tier 2 notes, Fitch said.

Barclays Africa has a national long-term rating of AAA(zaf) with a stable outlook and a national short-term rating of F1+(zaf).

The company also has long-term issuer default ratings of A-, local-currency long-term issuer default rating of A-, short-term issuer default rating of F2, national long-term rating of AAA(zaf), national short-term rating of F1+(zaf) and viability rating of BBB.

The rating on the notes is one-notch down from Barclays Africa’s national long-term rating to reflect a view of the potential loss severity of the notes via contractual write-off features, Fitch said.

The ratings are linked and sensitive to changes in Barclays Africa’s national long-term rating, which reflects the bank's creditworthiness relative to the best credits in South Africa, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.