Ugandan bank keeps rating

A Uganda-based financial services company’s long-term issuer default rating (IDR) has been kept at B+, with a negative outlook by Fitch Ratings.

The rating agency has affirmed Stanbic Bank Uganda (SBU) due to the high propensity of support from its South Africa-based parent company Standard Bank Group (SBG).

Meanwhile, Fitch has also maintained SBU’s outlook at negative to reflect that of SBG.

This comes after Fitch pulled down SBU’s outlook to negative from stable, following the revision of Uganda’s rating, earlier in 2020.

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