Moody’s cuts Nigerian banks

Moody’s Investors Service said it downgraded the senior unsecured debt ratings for Nigerian banks Access Bank plc and Fidelity Bank plc to Caa1 from B3. The agency also revised the outlooks to stable from under review.

The rating actions follow Moody’s downgrade outlook change to stable on Nigeria on Friday, the agency said.

The downgrades conclude the review Moody’s started on Oct. 13.

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