Fitch acts on Nigerian banks

Fitch Ratings said it downgraded Zenith Bank, Guaranty Trust Bank and United Bank for Africa plc to long-term issuer default rating B.

Fitch also placed several of the long-term IDRs and national ratings of banks (excluding Stanbic IBTC Holdings and Stanbic IBTC Bank) on rating watch negative.

“The RWN reflects our expectations that all Nigerian banks will face material pressures from a weaker operating environment over the next few months given the oil price crash, potential further devaluation of the Nigerian naira and the impact of the Covid-19 pandemic on individuals and businesses,” the agency said in a press release.

The banks placed on RWN are FBN Holdings plc, Union Bank of Nigeria plc, Sterling Bank plc, First Bank of Nigeria Ltd., Access Bank plc, Fidelity Bank plc and First City Monument Ltd.

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