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Johannesburg - Fitch Ratings said on Wednesday that FirstRand Bank's ratings or the ratings of its 100%-parent, FirstRand Bank Holdings(FRBH), will not be affected by the proposed merger of the South African insurance companies, Momentum Group and Metropolitan Holdings.
The two insurers announced the proposed merger on March 31 2010.
Under the proposed transaction, FirstRand will sell its 100%-stake in Momentum to Metropolitan in exchange for an approximate 59.5% stake in the newly merged-Metropolitan entity.
FRL has indicated that it will then unbundle its stake in the merged entity to FRL's shareholders. Fitch notes that the transaction will not affect FRB's and FRBH's credit quality, since the ratings assigned to these entities are based on their standalone strength.
- I-Net Bridge