Fitch revises outlook on 4 Nigerian banks to negative on sovereign action

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by Romuald Yonga

Fitch Ratings has revised the Outlooks on the Long-Term Issuer Default Ratings (IDR) of four Nigerian banks, Zenith Bank plc (ZENITHBANK), Guaranty Trust Bank plc (GUARANTY), United Bank for Africa plc (UBA) and Bank of Industry Limited (BOI), to Negative from Stable and affirmed their IDRs at ‘B+’.

The agency has also affirmed the ‘AAA(nga)’ National Ratings of Stanbic IBTC Holdings PLC (STANBIC) and Stanbic IBTC Bank PLC.

The rating actions follow the revision of the Outlook on Nigeria’s Long-Term IDRs to Negative from Stable on 19 December 2019.

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