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Fitch

Fitch Ratings has revised the outlooks on FBN Holdings Plc's and its main operating subsidiary First Bank of Nigeria Limited’s (FBN) Long-Term Issuer Default Ratings (IDRs) to positive from stable and affirmed the IDRs at 'B-'.

The revision of the outlooks mirrors the recent sovereign Outlook revision and reflects Fitch's view that Nigeria's Long-Term IDRs are likely to represent less of a constraint on the issuers' standalone creditworthiness in the near term.

The UK-based firm also affirmed the issuers' National Long-Term Ratings at 'A’ with stable outlooks.

“FBN and FBNH's IDRs are driven by their standalone creditworthiness, as expressed by their Viability Ratings (VRs). The VRs reflect the banks' high sovereign exposure relative to capital and the concentration of their operations in Nigeria. The positive outlooks on the Long-Term IDRs mirror that on the sovereign. The National Ratings balance a strong franchise, healthy profitability and a stable funding profile against high credit concentrations and thin capital buffers”, it mentioned.

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