Culled—Proshare
April 20, 2017/S&P Global Ratings
S&P Global Ratings said that it has raised its short-term counterparty credit ratings on five Nigerian banks (please refer to the Ratings List section below for the list of banks affected).
We labeled the short-term counterparty credit ratings as “under criteria observation” (UCO) on April 7, 2017. With our criteria review complete, we are removing the UCO designation from these ratings and raising them to ‘B’ from ‘C’.
We are also affirming our long-term counterparty credit ratings and our national scale ratings on all of the banks listed below.
This rating action stems solely from the application of our revised methodology for linking long-term and short-term ratings and doesn’t reflect any change in our assessment of the creditworthiness of the banks.
Ratings List
Long-Term Ratings Affirmed; Short-Term Ratings Raised
To From
Diamond Bank PLC
Counterparty Credit Rating B-/Negative/B B-/Negative/C
FBN Holdings PLC
Counterparty Credit Rating B-/Negative/B B-/Negative/C
Fidelity Bank PLC
Counterparty Credit Rating B-/Stable/B B-/Stable/C
First Bank of Nigeria Ltd
Counterparty Credit Rating B-/Negative/B B-/Negative/C
First City Monument Bank
Counterparty Credit Rating B-/Stable/B B-/Stable/C
Ratings Affirmed
Diamond Bank PLC
Counterparty Credit Rating
Nigeria National Scale ngBB/–/ngB
FBN Holdings PLC
First Bank of Nigeria Ltd.
Counterparty Credit Rating
Nigeria National Scale ngBB/–/ngB
Fidelity Bank PLC
Counterparty Credit Rating
Nigeria National Scale ngBB+/–/ngB
First City Monument Bank
Counterparty Credit Rating
Nigeria National Scale ngBB+/–/ngB
N.B. This list does not include all ratings affected.
Date initial rating assigned:
- Diamond Bank PLC, April 28, 2014
- First Bank of Nigeria Ltd., June 11, 2013
- FBN Holdings PLC, June 11, 2013
- Fidelity Bank PLC, March 11, 2013
- First City Monument Bank PLC, May 22, 2008
Date of previous review:
- Diamond Bank PLC, March 2, 2017
- First Bank of Nigeria Ltd., Sept. 22, 2016
- FBN Holdings PLC, Sept. 22, 2016
- Fidelity Bank PLC, Sept. 22, 2016
- First City Monument Bank PLC, Sept. 22, 2016
