S&P affirms First Bank of Nigeria

S&P said it affirmed its B-/B long- and short-term issuer credit ratings on First Bank of Nigeria Ltd. and FBN Holdings plc.

The outlook on both entities is stable.

At the same time, the agency affirmed the ngBB+/ngB long- and short-term Nigeria national scale ratings on the FirstBank and FBN.

S&P said the actions reflect a view that FirstBank will continue to display weaker asset quality metrics and lower profitability than other rated top-tier banks in Nigeria in 2018, due to still-high credit costs.

However, the agency said it believes that the bank's new leadership team will continue to progressively address the legacy asset-quality issues and institute more prudent risk-management measures.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.