Singapore, January 21 (ANI): Fitch Ratings on Thursday affirmed GMR Hyderabad International Airport Ltd's (GHIAL's) long-term issuer default rating and rating on outstanding senior secured notes at BB-plus.
Fitch Ratings – London – 19 Jan 2021: Fitch Ratings has affirmed United Bank for Africa Senegal SA’s (UBA SEN) Long-Term Issuer Default Rating (IDR) at ‘B-‘. The Outlook remains Stable. The Viability Rating (VR) has also been affirmed at ‘b-‘. A full list of rating actions is provided below.
KEY RATING DRIVERS
IDRs and Support Rating
UBA SEN’s IDRs are driven by potential support from the parent bank, United Bank For Africa Plc (UBA; B/Stable), in case of need. The Support Rating (SR) of ‘5’ indicates Fitch’s view that parental support is possible, notably given that UBA SEN only represents 3% of group assets, but cannot be relied upon because of UBA’s low financial ability to do so, as reflected in its Long-Term IDR. There is also a moderate risk that potential regulatory restrictions on UBA’s access to foreign currency in Nigeria (B/Stable) could make it difficult for UBA to provide timely and sufficient support to its foreign subsidiaries. The Stable O
Fitch Ratings – London – 19 Jan 2021: Fitch Ratings has affirmed UBA Cameroon S.A’s (UBA CAM) Long-Term Issuer Default Rating (IDR) at ‘B-‘. The Outlook is Stable. The Viability Rating (VR) has been affirmed at ‘b-‘. A full list of rating actions is below.
KEY RATING DRIVERS
IDRs AND SUPPORT RATING
UBA CAM’s IDRs are driven by potential support from its parent bank, Nigeria’s United Bank for Africa Plc (UBA; B/Stable), in case of need. The Support Rating (SR) of ‘5’ indicates Fitch views that parental support is possible given the size of UBA CAM (less than 5% of group assets), but cannot be relied upon because of UBA’s low financial ability to do so, as reflected in its Long-Term IDR of ‘B’. There is also a moderate risk that potential regulatory restrictions on UBA’s access to foreign currency in Nigeria (B/Stable) could make it difficult for UBA to provide timely and sufficient support to its foreign subsidiaries. The Stable Outlook on UBA CAM mirr
Fitch Ratings has affirmed Sir Lanka Telecom PLC’s (SLT) National Long-Term Rating at ‘AA-(Ika)’. The Outlook is Stable. We have also affirmed the ‘AA-(Ika)’ national rating on the company’s LKR7 billion of senior unsecured debt.
SLT’s ratings are constrained by the sovereign’s ratings as per Fitch’s Government-Related Entities Rating Criteria, as the state holds a majority stake in SLT directly and indirectly, and exercises significant influence on its operating and financial profile.
SLT’s unconstrained standalone credit profile is stronger than that of the government of Sri Lanka, reflecting the company’s market leadership in fixed-line services and second-largest position in mobile, its ownership of an extensive optical-fibre network, and a solid financial profile.
Fitch Ratings has taken rating action on Sri Lankan non-financial corporates following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers following the downgrade of the sovereign rating to ‘CCC’ from ‘B-‘ on 27 November 2020. Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below. For details, see “Fitch Ratings Recalibrates its Sri Lankan National Rating Scale”, dated 22 December 2020, at www.fitchratings.com/site/pr/10147729.
The recalibration of our Sri Lankan National Rating scale has resulted in rating affirmations in some cases and the assignment of revision ratings to others. Revision ratings are used to modify ratings for reasons that are not related to credit quality.