Fitch Affirms Stanbic IBTC Holding at 'AAA(nga)

Fitch Ratings has affirmed Stanbic IBTC Holding Company
Plc's (SIBTCH) National Long-term rating at 'AAA(nga)' and National Short-term
rating at 'F1+(nga)'.
The affirmation follows Fitch's rating action on South African banks on 17 June
2014, where the agency revised the Outlook on Standard Bank Group Limited's
(SBG) Long-term foreign currency Issuer Default Rating (IDR) to Negative from
Stable and affirmed the rating at 'BBB' (See "Fitch Revises Outlook on 4 South
African Banks to Negative" dated 17 June 2014).  SBG is SIBTCH's ultimate
parent, with a 53.2% ownership.
KEY RATING DRIVERS -NATIONAL RATINGS
SIBTCH's ratings are based on parent support. Nigeria is an important market for
SBG and Fitch views SIBTCH as a strategically important subsidiary, underpinned
by high integration with the parent group.
RATING SENSITIVITIES - NATIONAL RATINGS
SIBTCH's ratings are sensitive to Fitch assessment of the willingness or ability
of SBG to provide support to SIBTCH. At the current level, the ratings could
withstand a downgrade of up to three notches of SBG's 'BBB' IDR as Nigeria's
Country Ceiling of 'BB-' is currently four notches lower.