Fitch cuts Nigeria banks view to negative

Fitch Ratings said it changed the outlook on the long-term foreign-currency issuer default ratings of five Nigerian banks to negative from stable.

Along with the downgrade outlook, the agency said it affirmed the banks ratings.

Diamond Bank plc's long-term issuer default rating is affirmed at B, short-term issuer default rating at B, national long-term rating at A-(nga) and national short-term rating at F2(nga).

First Bank of Nigeria plc's long-term issuer default rating is affirmed at B+, short-term issuer default rating at B, national long-term rating at A+(nga) and national short-term rating at F1(nga).

Oceanic Bank International plc's long-term issuer default rating is affirmed at B, short-term issuer default rating at B, national long-term rating at BBB+(nga) and national short-term rating at F2(nga).

Union Bank of Nigeria plc's long-term issuer default rating is affirmed at B+, short-term issuer default rating at B, national long-term rating at A+(nga) and national short-term rating at F1(nga).

United Bank For Africa plc's long-term issuer default rating is affirmed at B+, short-term issuer default rating at B, national long-term rating at A+(nga) and national short-term rating at F1(nga).

This follows the revision of the outlook on the federal government of Nigeria's sovereign long-term foreign-currency issuer default rating of BB- to negative.

The outlook revision to Nigeria reflects the potential deterioration in the credit quality of the sovereign and consequently its ability to provide support to Nigerian banks, Fitch said.

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