S&P ups Zenith Bank view to stable

Standard & Poor's said it revised the outlook on Zenith Bank plc to stable from negative, and affirmed its B+/B long- and short-term global-scale ratings and ngA/ngA-1 national-scale ratings.

The outlook revision reflects a view that Zenith's financial profile is proving resilient to the tougher operating conditions in the Federal Republic of Nigeria, S&P said. This has helped the bank stabilize its creditworthiness, the agency said.

The ratings continue to be constrained by the high economic and industry risks associated with operating in Nigeria, the bank's restricted geographic and business diversification, high exposure to credit risk and deteriorated asset quality indicators, Fitch added.

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