MUMBAI (Thomson Financial) - Fitch Ratings upgraded CFC Bank Ltd. after
Standard Bank Group Ltd.'s (SBG) acquisition of 60 percent stake in CFC.
Fitch said the ratings reflect its belief that there is a moderate
probability of support for CFC Stanbic Holdings Ltd. from SBG, should it be
required, given SBG's ownership and the written commitment in its annual report
to support its banking subsidiaries.
CFC's long-term foreign currency issuer default rating (IDR) was raised to
'BB- ' from 'B-' and support rating to '3' from '5', and the ratings were taken
off positive watch.
The rating agency assigned a negative outlook to the long-term foreign
currency IDR.
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