Fitch Ratings on Oct. 9 downgraded Development Bank of Namibia's long-term foreign- and local-currency issuer default ratings to BB from BB+ and its long-term national rating to AA-(zaf) from AA+(zaf).
The outlook on the ratings was changed to stable from negative. The agency also revised the state-owned bank's support rating floor to BB from BB+ while affirming its short-term foreign- and local-currency issuer default ratings of B, short-term national rating of F1+(zaf) and support rating of 3.
The ratings actions follow the downgrade of Namibia's long-term issuer default ratings and reflect the country's weaker ability to provide support for the bank. Fitch noted, however, that Development Bank of Namibia's small size meant that support, if needed, would be manageable.
