Moody’s stabilizes Nigerian bank view

Moody’s Investors Service said it changed the outlooks for the following Nigerian banks to stable from negative: Access Bank plc, Zenith Bank plc, First Bank of Nigeria, Ltd., United Bank for Africa plc and Fidelity Bank plc.

“The change of outlook to stable also reflects the links of Nigerian banks' credit profiles to that of the government, whose outlook has been stabilized on Nov. 29, given the sizeable exposure to the sovereign debt securities, averaging 245% of the rated banks' capital bases as of June 2021. Furthermore, Moody's expects that the capacity of the Nigerian government to support the country's banks will remain unchanged,” the agency said in a press release.

Moody’s also affirmed the banks’ senior unsecured ratings.

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