{"id":8526,"date":"2016-09-23T15:23:59","date_gmt":"2016-09-23T14:23:59","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8526"},"modified":"2016-09-24T01:39:16","modified_gmt":"2016-09-24T00:39:16","slug":"sp-lowers-long-term-credit-ratings-on-seven-nigerian-banks","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sp-lowers-long-term-credit-ratings-on-seven-nigerian-banks\/","title":{"rendered":"S&#038;P Lowers Long-Term Credit Ratings On Seven Nigerian banks"},"content":{"rendered":"<p><a href=\"http:\/\/nationalwire.com.ng\/wp-content\/uploads\/2016\/09\/commercial-bank.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-thumbnail wp-image-8527\" src=\"http:\/\/nationalwire.com.ng\/wp-content\/uploads\/2016\/09\/commercial-bank-150x150.jpg\" alt=\"commercial-bank\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p><strong>S&amp;P Lowers Long-Term Credit Ratings On Seven Nigerian banks<\/strong><\/p>\n<p>Standard &amp; Poor\u2019s Global Ratings,\u00a0<span data-term=\"goog_1204185845\">on Friday<\/span>\u00a0announced the lowering of its credit ratings on seven Nigerian banks as part of actions on a total of nine banks and one holding company.<\/p>\n<p>The agency announced the lowering of its long-term counterparty credit ratings on Fidelity, Zenith, Guaranty Trust, Access, Stanbic IBTC, Ecobank Nigeria and First Monument Bank.<\/p>\n<p>While Fidelity Bank was rated \u2018B-\u2018 from \u2018B\u2019; Zenith Bank to \u2018B\u2019 from \u2018B+\u2019; GTB to \u2018B\u2019 from \u2018B+\u2019; Access Bank to \u2018B\u2019 from \u2018B+\u2019; Stanbic IBTC to \u2018B\u2019 from \u2018B+\u2019; Ecobank Nigeria to \u2018B\u2019 from \u2018B+\u2019; and FCMB, to \u2018B-\u2018 from \u2018B\u2019.<\/p>\n<p>\u201cWe have a negative outlook on ECN (Ecobank Nigeria). Our outlook on the other banks listed above is stable.<\/p>\n<p>\u201cFor the above banks we have, where appropriate, also lowered all issue ratings by one notch.<\/p>\n<p>\u201cWe also affirmed our \u2018B-\/C\u2019 long- and short-term counterparty credit ratings on FirstBank of Nigeria Limited. (Firstbank) and FBN Holdings PLC (FBN). We removed these ratings from CreditWatch negative where we had placed them on June 22, 2016. The outlook is negative.<\/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>\u201cOur \u2018B-\u2018 long-term counterparty credit rating on Diamond Bank PLC (DB) remains on CreditWatch with negative implications, where we placed it on June 22, 2016,\u201d S&amp;P added.<\/p>\n<p>These rating actions on Nigerian Banks, the firm continued, reflect the \u201csovereign downgrade and weakened economic environment.\u201d<\/p>\n<p>The agency noted that the Nigerian economy had \u201cweakened more than we expected, owing to a marked contraction in oil production, a restrictive foreign exchange regime, and delayed fiscal stimulus.<\/p>\n<p>\u201cConsequently, on Sept. 16, 2016, we lowered our long-term ratings on Nigeria to \u2018B\u2019 from \u2018B+\u2019.<\/p>\n<p>\u201cWe believe that economic risks have increased for the Nigerian banking industry and that the government\u2019s propensity to support the banking system is now uncertain,\u201d hence the actions taken.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>S&amp;P Lowers Long-Term Credit Ratings On Seven Nigerian banks Standard &amp; Poor\u2019s Global Ratings,\u00a0on Friday\u00a0announced the lowering of its credit ratings on seven Nigerian banks as part of actions on a total of nine banks and one holding company. The agency announced the lowering of its long-term counterparty credit ratings on Fidelity, Zenith, Guaranty Trust, &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":11,"featured_media":8527,"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":[942,814,944,943,627],"coauthors":[2392,2393],"class_list":["post-8526","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-access","tag-ecobank","tag-ecobank-nigeria-and-first-monument-bank-fedility-bank","tag-stanbic-ibtc","tag-zenith-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S&amp;P Lowers Long-Term Credit Ratings On Seven Nigerian banks - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/sp-lowers-long-term-credit-ratings-on-seven-nigerian-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P Lowers Long-Term Credit Ratings On Seven Nigerian banks - National Wire\" \/>\n<meta property=\"og:description\" content=\"S&amp;P Lowers Long-Term Credit Ratings On Seven Nigerian banks Standard &amp; Poor\u2019s Global Ratings,\u00a0on Friday\u00a0announced the lowering of its credit ratings on seven Nigerian banks as part of actions on a total of nine banks and one holding company. 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