S&P rates Ecobank Nigeria B+

Standard & Poor’s said it assigned a B+ long-term and B short-term counterparty credit ratings to Ecobank Nigeria Ltd.

The outlook is negative.

The ratings reflect the bank’s BB- anchor, as well as its adequate business position, moderate capital and earnings, moderate risk position, above average funding and adequate liquidity, S&P said.

The bank’s stand-alone credit profile is at B+. Ecobank Nigeria has high systemic importance in Nigeria, the agency said, and it classifies the government as supportive toward the country’s banking sector.

Ecobank Nigeria operates in the top tier of the competitive Nigerian banking sector, benefitting from a large network of about 500 branches and a customer base of more than seven million people, S&P said.

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