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Section: Rating - Fitch Ratings has affirmed Nigeria-based Zenith Bank Plc's (Zenith) ratings at Long-term foreign currency Issuer Default Rating (IDR) 'B+', Short-term foreign currency IDR 'B', Individual 'D' , Support '4', National Long-term 'AA-(nga)' and National Short-term 'F1+(nga)'. The Outlook for the Long-term IDR is Stable. The Support Rating Floor is affirmed at 'B+'.
The ratings reflect Zenith's strong and well-established domestic franchise and acceptable levels of tier 1 capital. The ratings also reflect Nigeria's difficult operating environment and Zenith's weakened financial performance and asset quality indicators during FY09, although Fitch notes Zenith's …