Moody's lifts First Bank of Nigeria view to stable

Moody's Investors Service said it affirmed First Bank of Nigeria Ltd.'s B2/not-prime long-term and short-term local-currency deposit ratings and the bank's B3/not-prime long-term and short-term foreign-currency deposit ratings.

The agency also said it affirmed the bank's B2/not-prime long-term and short-term, local-currency and foreign-currency counterparty risk ratings and the bank's baseline credit assessment and adjusted baseline credit assessment at B3.

Moody's also changed the outlook to stable from negative.

The ratings are driven by the bank's moderate capital, resilient pre-provision profitability and a stable funding profile, the agency said.

These strengths are counterbalanced by the bank's still high stock of non-performing loans compared to other large Nigerian banks, reflecting relatively modest progress in reducing its non-performing loans, Moody's said.

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