Fitch assigns B+ to Zenith Bank USD500 million Senior Notes

senior notes

As a quick follow-up to Zenith Bank’s USD500 million Senior Notes, Ficth Ratings has assigned ‘B+(EXP)’ rating to the planned debt programme.

The global Senior Notes programme is a second tranche of the 2014 borrowing totaling USD1 billion.

Fitch said the Recovery Rating is ‘RR4’, which denotes average recovery prospects in the event of default. The notes will be issued under Zenith’s updated USD1 billion global medium-term note (GMTN) programme.

The ratings agency said the assignment of the final rating is contingent on (sic) the receipt of final documents conforming to the information received to date.

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