Fitch Ratings has affirmed GTBank’s Long-term Issuer Default Rating (IDR) at ‘B+’ with a Stable Outlook and Short-term IDR at ‘B’.
The global rating agency also affirmed the bank’s Viability Rating (VR) at ‘B+,’ Support Rating (SR) at ‘4’ and GTB Finance BV’s senior notes, guaranteed by Guaranty Trust Bank: affirmed at ‘B+’/’RR4’.
“The IDR rating and outlook reflects Fitch’s opinion of the bank’s relative ability to meet its financial commitments and the bank’s rating of B+ remains the highest credit rating in the industry. The Viability Rating (VR) which is a component of the IDR measures the Bank’s intrinsic credit quality and capacity to maintain ongoing operations and to avoid failure,” the statement said.
“Fitch affirmation of the bank’s VR shows that despite the tough operating environment, GTBank’s strong and stable financial metrics as indicated by its profitability track record, healthy liquidity state, strong asset quality and capital ratios have continued to impact positively on the bank’s VR rating of b+ which remains the highest in the industry,” it added.