An international rating agency, Moody’s Investors Service, has downgraded nine Nigerian banks following its downward review of Nigeria’s rating last week.
The downgraded banks include: Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria plc, Fidelity Bank Plc, First City Monument Bank Limited, and Sterling Bank Plc.
“Today’s rating actions follow Moody’s downgrade on 27 January 2023 of the long-term issuer rating of the Government of Nigeria to Caa1 from B3, and change in the outlook to stable,” it said. “Government exposure links the banks’ credit profiles with the sovereign’s, whose rating was downgraded on 27 January 2023, to reflect Moody’s expectation that the government’s fiscal and debt position will continue to deteriorate,” it said.
The rating agency said the stable outlooks on the long-term deposit, issuer and senior unsecured debt ratings of the Nigerian banks were in line with the stable outlook of Nigeria’s government rating.
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