Bank of Industry Insists: Our Fitch stand alone credit rating remains AA+, DFI virile

The Bank of Industry, BoI issued clarification  about the report regarding its performance rating, insisting that the nation’s foremost development finance institution still maintains AA+ credit rating by Fitch.

It stated that rating posted on the Fitch website which was misconstrued in some quarters  as indicating a slip in the performance of the bank, was merely a sovereign rating for the country in general and not for a stand alone Institution.

The bank maintained that the DFI is very virile and better repositioned to push the frontier of the nation’s industrial sector through aggressive business financing.

According to the bank, the Fitch’s rating of AA+, and Moody’s BA3 remain the best among the nation’s indigenous financial institutions.

The bank said, ” No institution can be rated above the sovereign rating and sovereign rating has nothing to do with performance of the institution. However, the stand alone rating of BoI is still double AA+.