S&P affirms Ecobank

S&P said it affirmed its B-/B long- and short-term issuer credit ratings on Ecobank Transnational Inc. and its B/B long- and short-term issuer credit ratings on Ecobank Nigeria Ltd.

The outlook on both is stable.

“The affirmation reflects our expectation that Ecobank group's financial performance will improve gradually over the next 12-24 months, with lower problematic assets and slightly higher profitability on the back of more stable macroeconomic conditions in key operating markets,” the agency said in a news release.

“The group returned to profitability in 2017 because of a significant decline in cost of risk and reduced operating costs.”

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