S&P revises views on six Nigerian banks

S&P said it revised the outlooks for six Nigerian banks to negative from stable following the revision of the outlook on Nigeria’s foreign currency rating to negative from stable.

The agency affirmed the banks’ B ratings. S&P rates Nigeria a B and said it doesn’t rate financial institutions in Nigeria above the sovereign rating due to the direct and indirect effect sovereign distress would have on the banks.

The agency changed the outlooks on Access Bank plc, Ecobank Nigeria Ltd., Guaranty Trust Bank plc, Stanbic IBTC Bank plc, United Bank for Africa plc and Zenith Bank plc.

In addition, S&P lowered to ngA- from ngA the Nigeria national scale ratings on Access, Guaranty Trust Bank, Stanbic IBTC, United Bank for Africa and Zenith.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.