Fitch lifts First Bank of Nigeria to positive

Fitch Ratings said it revised the outlook on the long-term issuer default ratings of FBN Holdings plc and its primary operating company, First Bank of Nigeria, to positive from negative.

The issuer default ratings were affirmed at B-.

Fitch also said it upgraded the national long- and short-term ratings on both companies to BBB(nga) from BB+(nga) and F2(nga) from B(nga), respectively.

The outlook revision reflects improving asset quality trends and an expectation that the banks' largest impaired loans will be resolved within the outlook horizon, the agency said.

The positive outlook also reflects stronger loan loss allowance coverage of impaired loans and this positive trajectory is expected to continue, Fitch said.

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