Fitch lowers Zenith Bank view to stable

Fitch Ratings said it revised the outlook on Zenith Bank's long-term issuer default rating to stable from negative and affirmed the rating at B+.

The bank's viability rating also was affirmed at B+.

Fitch also said it upgraded Zenith's national long-term rating to AA(nga) from AA-(nga).

The outlook revision mirrors the recent rating action on the Nigerian sovereign, the agency said.

As with all Nigerian banks, Zenith's viability rating is constrained by the operating environment in Nigeria, Fitch said.

The fragile economic recovery restrains banks' growth prospects and asset quality, the agency added.

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