Fitch raises FBN notes to B

Fitch Ratings said it raised the rating on FBN Finance Co. BV’s $350 million of 8 5/8% notes due 2025 to B from B-. The recovery rating is RR4.

The upgrade was part of the agency’s raising FBN Holdings plc's and First Bank of Nigeria Ltd.'s long-term issuer default ratings to B from B-, citing improved governance.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.