S&P lowers Diamond Bank

S&P said it lowered the long-term counterparty credit ratings on Diamond Bank plc to B- from B, along with its short-term rating to C from B.

The agency also said it placed the long-term rating on CreditWatch with negative implications.

S&P also said it lowered the long-term Nigeria national scale ratings on the bank to ngBB from ngBBB- and short-term rating to ngB from ngA-3, and placed the ratings on negative watch.

Diamond operates in the middle tier of a highly competitive banking sector, which is facing heightened economic headwinds underscored by oil production and price shocks, slowing economic growth, persistent foreign-currency shortages and depreciation risks, the agency said.

The bank has a leading franchise position in retail and small business banking in Nigeria, S&P said.

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