Moody’s changes Nigerian banks’ rating outlook to positive

Moody’s Investors Service has affirmed the Caa1 long-term deposit ratings, long-term issuer ratings as well as the senior unsecured debt ratings (where applicable), of all the nine Nigerian banks rated by it. 

The lenders are Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria plc, Fidelity Bank plc, First City Monument Bank Limited and Sterling Bank Limited. 

Moody’s also changed the outlook to positive from stable on the long-term deposit ratings, long-term issuer ratings as well as senior unsecured debt ratings (where applicable) of the nine banks.

“Today’s rating actions follow Moody’s  affirmation on 8 December 2023 of the long-term issuer rating of the Government of Nigeria at Caa1, and change in outlook to positive,” the rating agency said on Tuesday.