Moody’s views Bank of Industry positively

Moody’s Investors Service said it revised its outlook for Bank of Industry Ltd. to positive from stable and affirmed its Caa1 ratings. The agency also affirmed BOI Finance BV's senior secured rating at Caa1 and changed the entity outlook to positive from stable.

The positive outlook reflects the recent change in outlook to positive for Nigeria, Moody’s said.

“Bank of Industry's positive outlook reflects the expected improvement in the operating environment in Nigeria, as captured by the change in the sovereign rating outlook to positive, coupled with Moody's expectations that Bank of Industry's financial performance and key financial metrics will remain resilient,” the agency said in a press release.

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