Fitch trims two Nigerian banks

Fitch Ratings has revised Guaranty Trust Bank plc's and Zenith Bank plc's national long-term ratings to AA(nga) and AA-(nga), respectively.

“The rating actions follow the recalibration of the Nigerian national ratings scale following the downgrade of the sovereign on April 6, 2020. Rating revisions are used to modify ratings for reasons that are not related to changes in credit quality,” Fitch said in a press release.

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