June 22, 2021

By Moody’s Investors Service

Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of First Bank of Nigeria Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 14 June 2021 in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.

Key rating considerations are summarized below.

First Bank of Nigeria Limited’s (First Bank) B2 long-term deposit ratings incorporate a one notch uplift of government support from its b3 baseline credit assessment (BCA).

First Bank’s BCA reflects its reducing but still-high asset risk and modest capital buffers compared to its peers as well as the bank’s stable deposit-based funding profile and high stock of liquidity assets.

Our view of the creditworthiness of First Bank is based on FBN Holdings Plc’s (FBNH) public financial statements.