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S&P cuts Nigerian banks
S&P said it downgraded six Nigerian banks to B- from B following the agency’s; downgrade of Nigeria’s sovereign rating to B- from B on Thursday.
The agency lowered its long-term global scale issuer credit ratings to B- from B on Access Bank plc, Ecobank Nigeria Ltd., Guaranty Trust Bank plc, Stanbic IBTC Bank plc, United Bank for Africa plc and Zenith Bank plc.
S&P affirmed the B-global scale long-term ratings on First Bank of Nigeria Ltd., Ecobank Transnational Inc., Fidelity Bank plc and First City Monument Bank.
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