Business NewsFinanceNews

Fitch upgrades FirstBank’s ratings to ‘B’ on improved asset quality

Fitch Ratings has raised the long-term issuer default ratings (IDRs) for FBN Holdings Plc (FBNH) and First Bank of Nigeria Limited (FBN) from “B-” to “B,” with stable outlooks.infomation guide nigeria

The global rating agency also raised the lenders viability ratings (VR) from the previous rating of “b-” to “b” in a report published on Friday.

Following an improvement in corporate governance, the long-term IDRs are upgraded, demonstrating that the two long-standing related-party exposures have been addressed.jamb result

It also suggests that capitalization risks have decreased, boosted by robust internal capital production since the Central Bank of Nigeria expressed concerns about the anomalies, the agency added.

Other Top Stories:

“Fitch has withdrawn FBNH’s and FBN’s Support Ratings and Support Rating Floors, as they are no longer relevant to the agency’s coverage following the publication of its updated Bank Rating Criteria on November 12, 2021. In line with the updated criteria, we have assigned Government Support Ratings (GSR) of ‘no support’ (ns) to both issuers,” Fitch said.

“Fitch understands from management that FBNH and FBN have not been subject to penalties in relation to irregularities raised by the CBN in April 2021 and no further irregularities have been raised,” the report said.

FirstBank is the third-largest bank in Nigeria, retaining 11 per cent of the total assets of Nigeria’s banks as per 2021 financials.

Check and Confirm: How much is Dollar to Naira today   Pounds to Naira today

👍Advertise your business on InfoGuideNigeria.com!

From just N4,999 per month, you can advertise your products and services to over 1,500,000 users on our website. Click here to read more.

👇👇👇👇👇

Information is Power!

Don’t miss any valuable information or opportunity that can change your life, business, and family positively and permanently.

👇👇👇👇👇

Click Here to Join our Google Group 

For Latest updates on News, Jobs & Business Ideas, and Opportunities.




Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
.

The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.

.
We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.




🤑 Start Making Money from home today!

👉 Get the correct FREE FOOTBALL PREDICTION TIPS and Guides today. Click here

.

🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.

👉 Make Money as InfoGuideNigeria Advertising Agents, read more here

.

Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker