In a statement, the Dar es Salaam based bank which is one of the top five commercial banks in the country, said it’s the first time that it has been assigned a credit rating by Moody’s Investors Services.
“NMB is pleased to announce that it has been assigned a first-time credit rating by Moody’s Investors Services ofB1 Stable, b1. This places NMB the highest among its peers in the region as well as a number of other African banks (excluding South Africa),” stated the statement.
The credit rating process took into account the bank’s operating environment such as the macro environment as well as its business operations.
“Attaining the rating is in line with the bank’s goal to position itself as a leading financial institution in the country. The ratings further confirm NMB’s solid capitalization and good governance,” the statement added.
The statement further noted that NMB’s board of directors and management are pleased with the rating and believe that it will enable the bank to negotiate more favourable terms with credit providers and instil further confidence with the bank’s counterparts.
“Credit ratings provide individual and institutional investors with information that assists them in determining the creditworthiness of issuers of debt obligations and fixed-income securities. Credit rating agencies provide investors with objective analyses and independent assessments of companies and countries that issue such securities,” the statement concluded.
NMB becomes the second local bank to obtain a credit rating from an international rating agency. CRDB Bank Plc, another one of the top five commercial banks in the country, got rated last year.
NMB Plc is a full service commercial bank and has four main business divisions: retail, wholesale, agribusiness and Treasury. The bank has 186 branches and more than 600 automated teller machines across the country and is present in 98 percent of all districts. NMB has over two million customers and employs over 3,000 staff.