Fitch lowers Nigerian Banks

Fitch Ratings said it downgraded First Bank of Nigeria Ltd.'s and United Bank for Africa plc's long-term foreign currency issuer default ratings to B from B+.

The outlooks are stable.

The agency also downgraded the national long-term rating of FBN Holdings plc, the parent holding company of First Bank of Nigeria, to BBB+(nga) from A(nga).

At the same time, Fitch affirmed the issuer default ratings of eight other Nigerian commercial banks and affirmed the viability ratings of all the banks. The outlook on the long-term foreign currency issuer default rating of one of the banks, Guaranty Trust Bank, was revised to stable from negative due to continuing strong earnings and stronger-than-expected liquidity.

The actions follow the downgrade of Nigeria's sovereign ratings on June 23.

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