Fitch ends watch on Ecobank

Fitch Ratings said it affirmed Ecobank Transnational Inc.’s ratings including its B- issuer default and senior unsecured note ratings and removed them from rating watch negative. The outlook is now stable.

“The affirmation reflects ETI's continuing compliance with group minimum regulatory capital requirements following the devaluation of the Nigerian naira and Fitch's expectation that, although capital buffers remain thin, would continue to remain compliant in the event of a further material devaluation of the naira,” the agency said in a press release.

The agency added, “The affirmation also reflects Fitch's view of receding refinancing risks in respect of large upcoming bank holding company (BHC) principal repayments in 2024 and 2025. This considers ETI's maintained capital compliance, after having recently secured significant funding and our expectation that further funding will be secured imminently.”

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