S&P ups view on First Bank of Nigeria, Guaranty Trust

Standard & Poor's said it revised the outlook on First Bank of Nigeria plc and Guaranty Trust Bank plc to positive from stable, which follows the outlook revision of the Republic of Nigeria to positive from stable.

The agency affirmed the B+/B long- and short-term counterparty credit ratings on the banks.

S&P said it raised the long-term Nigeria national scale rating to ngA+ from ngA and affirmed its short-term Nigeria national scale rating at ngA-1.

The outlook revision on Nigeria reflects the chance of an upgrade if Nigeria's reform initiatives support economic growth, build stronger buffers against Nigeria's dependence on petroleum revenue and reduce pressure on the exchange rate, according to an agency.

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