Short-Term Ratings on Five Nigerian Banks Raised to ‘B’ On Criteria Revision

Culled—Proshare

April 20, 2017/S&P Global Ratings

S&P Global Ratings said that it has raised its short-term counterparty credit ratings on five Nigerian banks (please refer to the Ratings List section below for the list of banks affected).

We labeled the short-term counterparty credit ratings as “under criteria observation” (UCO) on April 7, 2017. With our criteria review complete, we are removing the UCO designation from these ratings and raising them to ‘B’ from ‘C’.

We are also affirming our long-term counterparty credit ratings and our national scale ratings on all of the banks listed below.

This rating action stems solely from the application of our revised methodology for linking long-term and short-term ratings and doesn’t reflect any change in our assessment of the creditworthiness of the banks.

Ratings List

Long-Term Ratings Affirmed; Short-Term Ratings Raised

                                                             To                          From

Diamond Bank PLC

Counterparty Credit Rating       B-/Negative/B        B-/Negative/C

FBN Holdings PLC         

Counterparty Credit Rating       B-/Negative/B        B-/Negative/C

Fidelity Bank PLC              

Counterparty Credit Rating       B-/Stable/B             B-/Stable/C

First Bank of Nigeria Ltd

 Counterparty Credit Rating       B-/Negative/B       B-/Negative/C

First City Monument Bank

 Counterparty Credit Rating       B-/Stable/B            B-/Stable/C

Ratings Affirmed

Diamond Bank PLC

Counterparty Credit Rating

Nigeria National Scale           ngBB/–/ngB

FBN Holdings PLC

First Bank of Nigeria Ltd.

Counterparty Credit Rating

Nigeria National Scale           ngBB/–/ngB

Fidelity Bank PLC

Counterparty Credit Rating

Nigeria National Scale           ngBB+/–/ngB

First City Monument Bank

Counterparty Credit Rating

Nigeria National Scale           ngBB+/–/ngB

N.B. This list does not include all ratings affected.

Date initial rating assigned:

  • Diamond Bank PLC, April 28, 2014
  • First Bank of Nigeria Ltd., June 11, 2013
  • FBN Holdings PLC, June 11, 2013
  • Fidelity Bank PLC, March 11, 2013
  • First City Monument Bank PLC, May 22, 2008

Date of previous review:

  • Diamond Bank PLC, March 2, 2017
  • First Bank of Nigeria Ltd., Sept. 22, 2016
  • FBN Holdings PLC, Sept. 22, 2016
  • Fidelity Bank PLC, Sept. 22, 2016
  • First City Monument Bank PLC, Sept. 22, 2016

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