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Fitch downgrades Development Bank of Namibia

Fitch Ratings on Nov. 27 downgraded the Development Bank of Namibia's long- and short-term foreign- and local-currency issuer default ratings to BB+/B from BBB-/F3, following a recent similar action on Namibia's sovereign ratings.

The rating agency also downgraded the development bank's support rating to 3 from 2, support rating floor to BB+ from BBB- and national long-term rating to AA+(zaf) from AAA(zaf). The lender's national short-term rating was affirmed at F1+(zaf).

The development bank's ratings are equalized with those of Namibia and reflect a moderate probability of support from national authorities to the lender in case of need. The outlook on the company's long-term ratings is stable, mirroring that on Namibia's sovereign ratings.