S&P lowers 5 Nigerian banks

Standard & Poor’s said it lowered the long-term counterparty credit ratings to B+ from BB- and its long-term Nigeria national scale ratings to ngA from ngAA- on five Nigerian banks: Access Bank plc; First Bank of Nigeria Ltd.; Guaranty Trust Bank plc; Stanbic IBTC Bank plc; and Zenith Bank plc.

The outlook on each of the five banks is stable.

The agency also said it affirmed the ngA-1 short-term Nigeria national scale ratings on First Bank of Nigeria, Guaranty Trust Bank, Stanbic IBTC Bank and Zenith Bank.

S&P also said it lowered non-operating holding company FBN Holding plc’s long-term counterparty credit rating to B- from B, along with the short-term counterparty credit rating to C from B.

The outlook is stable.

The downgrades on the banks follow the downgrade of Nigeria, S&P said.

The banks aren’t rated above the sovereign rating on Nigeria because of the likely direct and indirect influence of sovereign distress on their operations, the agency said.

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