{"id":17841,"date":"2017-10-03T19:34:27","date_gmt":"2017-10-03T18:34:27","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=17841"},"modified":"2017-10-03T19:40:26","modified_gmt":"2017-10-03T18:40:26","slug":"sp-revises-ecobank-nigerias-outlook-to-stable","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sp-revises-ecobank-nigerias-outlook-to-stable\/","title":{"rendered":"S&amp;P revises Ecobank Nigeria\u2019s outlook to stable"},"content":{"rendered":"<p class=\"yiv7863507517MsoNormal\">Standard &amp; Poor\u2019s (S&amp;P) ratings has revised its outlook on Ecobank Nigeria Limited to stable from negative and affirmed its \u2018B\/B\u2019 long- and short-term counterparty credit ratings on the lender.<\/p>\n<p class=\"yiv7863507517MsoNormal\">In a statement released, the ratings agency explained that Ecobank Nigeria is considered to be a core subsidiary within the Ecobank Group, adding that as a result, its ratings on the lender reflect the wider group credit profile. It further stated that outlook revision reflects its view :<\/p>\n<p class=\"yiv7863507517MsoNormal\">\u201cEcobank Group\u2019s management has addressed the significant liquidity risks and is improving the capitalization and asset quality of the Nigerian business, while implementing a wider strategy of improving asset quality and financial performance around the group.\u201d<\/p>\n<p class=\"yiv7863507517MsoNormal\">According to S&amp;P: \u201cEcobank Nigeria is considered to be a core subsidiary within the Ecobank Group; as a result, our ratings on ENG (Ecobank Nigeria) reflect the wider group credit profile. On Dec. 31, 2016, ENG accounted for approximately 30per cent of total assets and loans and 46per cent of total adjusted capital (TAC) of the group. Furthermore, a large percentage of the group\u2019s asset quality issues emanated from Nigeria because of ENG\u2019s legacy problem loans and its concentrated lending in U.S. dollars to the oil and gas sector.\u201d<\/p>\n<p class=\"yiv7863507517MsoNormal\">The agency also stated that the financial year ending December 2016 was difficult for the group in terms of asset quality, profitability, and ultimately capitalization, adding that risk costs were significantly higher than it (S&amp;P) expected at year-end 2016, when loan-loss provisions reached 7.95per cent of average customer loans, up from 4.33per cent a year earlier.<\/p>\n<p class=\"yiv7863507517MsoNormal\">It also noted that the group posted a loss of $200 million in 2016, pointing out total comprehensive loss stood at $866 million, largely because of adverse foreign exchange (FX) movements, which significantly impaired the group\u2019s capitalization.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"yiv7863507517MsoNormal\">The agency, however, stated : \u201cWe consider that the FX translation losses, combined with the reshaping of the business by the new management team and institutional shareholders, reflect the difficult macroeconomic and legacy issues in the group\u2019s key markets, especially Nigeria.<\/p>\n<p class=\"yiv7863507517MsoNormal\">Positively, going into the first half of 2017, the group gained some momentum on strengthening control of risk and operating costs. Ultimately, this will improve the group\u2019s bottom line.\u201d<\/p>\n<p class=\"yiv7863507517MsoNormal\">In addition, the agency said it positively viewed the groups\u2019 solution for stabilizing its core subsidiary in Nigeria.<\/p>\n<p>&nbsp;<\/p>\n<p class=\"yiv7863507517MsoNormal\"><em><strong>Photo Caption:<\/strong><\/em><\/p>\n<div dir=\"ltr\"><em><strong>Managing Director, Ecobank Nigeria, Charles Kie (middle) with some newly promoted staff during the staff recognition dinner organized by the Bank in Lagos at the weekend.<\/strong><\/em><\/div>\n<\/p><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Standard &amp; Poor\u2019s (S&amp;P) ratings has revised its outlook on Ecobank Nigeria Limited to stable from negative and affirmed its \u2018B\/B\u2019 long- and short-term counterparty credit ratings on the lender. In a statement released, the ratings agency explained that Ecobank Nigeria is considered to be a core subsidiary within the Ecobank Group, adding that as &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":17842,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[2868],"coauthors":[2391],"class_list":["post-17841","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ecobank-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S&amp;P revises Ecobank Nigeria\u2019s outlook to stable - 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