Moody’s acts on Nigerian banks

Moody's Investors Service said it assigned long-term global scale local-currency bank deposit and issuer ratings of B2 to First City Monument Bank Ltd. and Fidelity Bank plc, and long term B3 global scale local-currency bank deposit and issuer ratings to Diamond Bank plc.

The agency also assigned local currency bank deposit national scale ratings of A2.ng to First City Monument Bank and Fidelity and A3.ng to Diamond.

“The primary drivers of our assessment of the banks' standalone credit profiles are their robust loss-absorbing buffers, above our global average for similarly rated peers, and their resilient local currency liquidity buffers,” Moody’s said in a news release.

“These strengths, however, are moderated by the challenging operating environment in Nigeria, as the oil and gas dependent economy slowly recovers from its 2016 recession.”

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