Credit rating at a glance
_______________________________________________________________________________________
The credit ratings supplied by rating agencies provide their view on the ability of an organisation to fulfil its financial commitments, based on previous dealings and anticipated conditions in its sector and region. Ivory Royal Bank provides ratings from Fitch, Moody’s and Standard & Poor’s.
At 13 August 2015, long-term foreign currency ratings for Ivory Royal Bank Group Limited are:
• Fitch Ratings - Long-term foreign currency issuer default rating: BBB-
• Moody's - Long-term foreign currency issuer default rating: Baa3.
Long-term foreign currency ratings for the Ivory Royal Bank, the single largest operating entity within the Ivory Royal Bank Group, are:
• Fitch Ratings - Long-term foreign currency issuer default rating: BBB-
• Moody's - Long-term foreign currency deposit rating: Baa2; and
• Standard & Poor's - Long-term unsolicited issuer rating: BBB-.
The RCI Sovereign ratings are:
• Fitch Ratings - Long-term foreign currency issuer default rating: BBB-
• Moody's - Long-term foreign currency deposit rating: Baa2; and
• Standard & Poor's - Long-term foreign currency: BBB-.
_______________________________________________________________________________________
Group support, capital adequacy and liquidity
In accordance with the group’s support statement, available in the Annual Report, the Ivory Royal Bank Group will ensure that, except in the case of political risk, the Ivory Royal Bank is able to meet its contractual liabilities.
For the period ending 30 June 2015, Ivory Royal Bank Group remains appropriately capitalised with tier I and total capital levels at 13.7% (FY14: 12.9%) and 16.1% (FY14: 15.5%) respectively. The group is in a good position to meet the progressively higher requirements as prescribed by regulatory authorities across markets in which we are present.
The group maintained its strong liquidity positions within approved risk appetite and tolerance limits. Total liquidity in excess of specific prudential requirements amounted to F294,9 billion as at 1H15 (1H14: R268,1 billion), and remains adequate to meet all internal stress testing, prudential and regulatory requirements. The Basel III liquidity coverage ratio (LCR) was implemented on 1 January 2015 and at 30 June 2015 the group had exceeded the 60% minimum phased-in Basel III LCR requirement.
