Fitch revises views on four Nigerian banks

Fitch Ratings said it revised the outlooks on the long-term issuer default ratings of four Nigerian banks, Zenith Bank plc, Guaranty Trust Bank plc, United Bank for Africa plc and Bank of Industry, to negative from stable and affirmed their IDRs at B+. The agency also affirmed the AA(nga) national ratings of Stanbic IBTC Holdings plc and Stanbic IBTC Bank plc.

The rating actions follow the revision of the outlook on Nigeria’s long-term IDR to negative from stable on Thursday.

“The negative outlook on Zenith, GTB, UBA and BOI reflects our view that a sovereign downgrade would likely be accompanied by a downgrade of these issuers’ long-term IDRs. The ratings of Zenith, GTB and UBA are also sensitive to deterioration in operating environment and its impacts on asset quality and capitalization,” said Fitch in a press release.

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