Fitch Ratings, a leading global rating agency in its latest report, has upgraded Access Bank’s National Long-Term Rating to ‘A+ from ‘A. At the same time, Fitch affirmed the Bank’s Long-Term Issuer Default Rating (IDR) at ‘B’. According to the rating agency, “Access Bank’s IDRs are driven by the Bank’s intrinsic creditworthiness as defined by […]
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Fitch Rating agency yesterday warned that Nigerian banks will struggle to sustain the same level of profitability this year due to reduction in government borrowing through treasury bills (T-Bills). Last year the federal government introduced a new debt strategy designed to refinance some of its maturing domestic debt with external borrowing. Consequently, the Debt Management […]
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Fitch Ratings raised Indonesia’s credit ratings a notch above its lowest investment grade on Thursday, saying economic and monetary policies have made Southeast Asia’s largest economy resilient to external shocks. The rating was raised to BBB from BBB-, with a stable outlook. The upgrade means Indonesia has a higher rating from Fitch than from S&P […]
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Fitch Ratings has placed First Bank of Nigeria’s (FBN) subordinated notes, which are rated ‘CCC’/’RR5′, on Rating Watch Positive (RWP). Placing a debt on RWP means that rating for the instrument may likely be upgraded. The FBN notes were issued through FBN Finance Company BV, a special purpose vehicle, which was established to provide funding […]
Read More Stanbic IBTC Bank Plc and its holding company, Stanbic IBTC Holdings Plc, have retained their AAA national ratings by Fitch Ratings, the global leader in credit ratings. The rating reaffirmed their strong fundamentals and stability, especially the ability to meet their financial commitments as they fall due. The two institutions recorded AAA (nga) national long-term […]
Read More Fitch Ratings has assigned Nigeria’s upcoming senior unsecured Dollar-denominated notes (Eurobond) an expected rating of ‘B+. This rating, according to Investopedia, an online financial dictionary, signifies that the issuer is relatively stable with a moderate chance of default. Investors and policyholders of the rated entity are taking a low to medium risk. Fitch explains that […]
Read More Despite the marked improvement in Nigeria’s foreign exchange market, the external sector and the macro-economic fundamentals, Fitch Ratings, yesterday, assigned Nigeria’s upcoming dollar-denominated senior unsecured bonds an expected rating of ‘B+(EXP)’. This indicates that the relative stability in the foreign exchange market with reversal of the slide in gross domestic products, GDP, did not reflect […]
Read More Fitch Ratings has said banks’ ability to access foreign currency (FC) has improved considerably since the Central Bank of Nigeria (CBN) introduced a foreign exchange “window” at end-April aimed at investors and exporters. The Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) mechanism, commonly referred to as the “Investors’ and Exporters’ FX Window”, appears to be […]
Read More The assertion of capital inadequacy amongst Nigerian banks by an international financial rating agency that most Nigerian banks are now undercapitalised following the persistent macroeconomic and currency challenges that characterized their operations since 2015, may have ensued on the heels of claims . Amidst mixed results in the full year 2016 and first quarter 2017 […]
Read More Nigeria is in the worst position among major oil exporting countries in the Middle East, Africa and parts of Europe to have balanced budgets this year, with oil forecast to average $52.50 per barrel, according to Fitch Ratings Limited. Report shows that the country needs an oil price of $139 per barrel to balance its […]
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FitchRatings yesterday said Nigerian banks will continue to face challenges this year, following an extremely difficult 2016. It explained that banks faced multiple threats from the operating environment in 2016, including Nigeria sliding into recession, the economy continuing to suffer from low oil prices and severe shortages of foreign currency. It said lenders have struggled […]
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