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Fitch Ratings – London – 28 May 2021: Fitch Ratings has affirmed Wema Bank PLC’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ and removed it from Rating Watch Negative (RWN). The Outlook is Stable. A full list of rating actions is detailed below.
The removal of the RWN on Wema’s IDRs, Viability Rating (VR) and National Ratings reflects Fitch’s expectation that, having recently received shareholder approval, plans for a significant rights issue in 3Q21 will likely proceed as intended and improve capitalisation and leverage to more acceptable levels. It also reflects our view that loan and asset growth will evolve at a slower pace than in recent years and near-term risks to the bank’s financial profile from the economic fallout of the pandemic have receded.
• Foreign exchange exposure limited
Yesterday, the international rating company Fitch Ratings upgraded RE’s Long Term Issuer Default Rating (IDR) to BBB- from BB+. This means that Fitch now rates RE as investment grade. Outlook is stable. The upgrade is primarily based on Fitch’s expectations of RE’s improvement in credit metrics over the next four years. The expectations reflect RE’s stellar performance in 2020, in the midst of the global pandemic. Furthermore, the credit rating reflects solid operations and performance in recent years.
Affirmation of financial health
“This is delightful and long awaited, as this was one of the objective of The Plan, which was activated 10 years ago, on April 1. Furthermore, it is especially delightful to achieve this grade in the middle of the COVID-19 pandemic, while credit ratings of companies in the same category remain unchanged or are lowered. It is also noteworthy that RE’s credit rating is upgraded while the Icelandic econom
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