Reviews & Outlooks | |
Reviews & Outlooks | |
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Monday, December 09, 2019 / 04:36 PM / by Moody's Investors Service
/ Header Image Credit: Ecographics
Moody's Investors Service
("Moody's") has affirmed the B2 long-term local currency deposit
ratings of the following Nigerian banks: Access Bank Plc, Zenith Bank Plc,
First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank
Plc, Union Bank of Nigeria plc, Fidelity Bank plc, FCMB (First City Monument
Bank) Limited and Sterling Bank Plc. The outlook on all the banks' long-term
deposit ratings was changed to negative from stable.
The rating action follows Moody's decision to affirm
Nigeria government's long-term issuer ratings of B2 and change its outlook to
negative from stable on 04 December 2019.
Recall
: Moody's Changes Nigeria's Sovereign Ratings Outlook to
Negative From Stable; Affirms The B2 Ratings - Dec 05, 2019
Ratings Rationale
The
affirmation of the ratings reflects the banks' financial profiles which have
been generally resilient to the difficult operating environment in Nigeria. On
average, the Nigerian banks benefit from good pre-provision profitability and
capital positions; asset quality and foreign currency funding positions have
improved over recent quarters, following the recession in 2016.
The
change of outlook to negative from stable reflects the Nigerian banks' sizeable
exposure to the sovereign debt securities and loans, averaging at 244% of the
rated banks' capital bases as of June 2019, which links their credit profiles
to that of the government. The rating agency also expects the banking sector to
be challenged in maintaining the recent improving trend, particularly as
regards asset quality, given the increasing bank lending in Nigeria's weak
operating environment.
Affirmation Of Banks' Ratings
The
affirmation of the ratings reflects Moody's expectation that Nigerian banks'
profitability will remain resilient and the capital metrics stable over the
next 12-18 months, with a tangible common equity as a percentage of
Moody's-adjusted risk-weighted assets at about 16% in the next 12 months.
Recent selective lending by banks has reduced the formation of new
nonperforming loans (NPLs), which lessens the need for loan loss provisions and
limits the erosion of profitability. Systemwide NPLs declined by 51% to NGN1.1
trillion as at 30 September 2019 from NGN2.2 trillion as at 30 September 2018,
driven by a large decline in NPLs in the oil and gas sector. As result, the NPL
ratio declined to 6.7% as at 30 September 2019 compared to 14.2% as at 30
September 2018. In addition, Nigerian banks are containing their operating cost
as they migrate their clients to digital platforms and save on branch
expansion.
The
banks' foreign currency funding has also improved as banks cut back
foreign-currency lending while building up foreign-currency deposits.
Negative Outlook Reflects Sovereign Outlook
The
negative outlook on the banks' rating is primarily driven by the negative
outlook on the Nigeria's government issuer rating given the banks' large
holdings of Nigerian government securities which they hold for liquidity and
investment purposes. The large stock of government securities and loans links
the banks' credit profiles to that of the government. The rated banks' overall
sovereign debt securities and loans exposure averaged 244% of their tangible
capital bases as of June 2019. In view of the correlation between the sovereign
and bank credit risk, the banks' standalone credit profiles and ratings are
inevitably constrained by the rating of the government.
The
rating agency also expects the banking sector to be challenged in maintaining the
recent improving trend, particularly as regards asset quality, given the rising
bank lending in Nigeria's weak operating environment. The rating agency expects
GDP growth of just over 2% over the next few years, which will remain
insufficient to create significant good quality lending opportunities for banks
and it will unlikely improve borrowers' credit strength.
Moody's
does not have any particular governance concern for the rated Nigerian banks,
although the rating agency believes that their relatively high asset risks
reflects banks' moderate risk governance culture. In terms of environmental
considerations, Nigerian banks' high exposure to the oil and gas industry at
about 28% of total loans as of October 2019 is an environmental risk that
requires close monitoring, particularly as the transition to a low carbon
economy accelerates.
What Could Move The Ratings Up/Down
Any
deterioration in the creditworthiness of Nigeria would exert downward pressure
on the banks' ratings, in view of their large holdings of sovereign debt
securities. In addition, the banks could be downgraded if operating conditions
are expected to worsen than is currently anticipated, constraining banks
business activities while leading to higher asset risk and provisioning costs.
Conversely,
any upwards rating momentum of the banks' ratings is limited given the negative
outlook. However, some of the banks' outlooks could change back to stable if
the sovereign rating outlook is stabilized and the banks maintain their
resilient financial performance.
Bank-Specific Considerations
Access
Bank Plc (Access)
The
negative outlook reflects the negative outlook on Nigeria's government issuer
rating, affecting the bank's credit profile as well as resulting in a lower
ability to support the b3 baseline credit assessment (BCA). Access has a large
exposure to the sovereign debt securities and loans at 338% of its tangible
common equity at end of June 2019. Access's local currency deposit rating is B2
while the local currency national scale rating is A1.ng.
Access's
b3 BCA reflects the bank's (1) relatively high asset risks, although improving,
following the merger with Diamond Bank PLC (Diamond) and (2) higher leverage,
with a total shareholders' equity-to-total assets ratio that is below peer
average. These challenges are balanced against (1) our expectation that Access
will extract long-term benefits from Diamond, particularly by improving its
profitability (2) the bank's robust underwriting standards and risk management
processes, and (3) the bank's deposit-based funding structure.
FCMB
(First City Monument Bank) Limited (FCMB)
The
negative outlook reflects the negative outlook on Nigeria's government issuer
rating, affecting the bank's credit profile as well as resulting in a lower
ability to support the b3 BCA. FCMB has a large exposure to sovereign debt
securities and loans at 239% of its tangible common equity at end of June 2019.
FCMB will likely be more exposed to negative pressure on its revenue generation
capacity and its asset quality than its top-tier local peers due to its
relatively small size and client base. FCMB's local currency deposit rating is
B2 while the local currency national scale rating is A2.ng.
FCMB's
b3 BCA reflects its (1) elevated credit risks stemming from high single-name
and sector concentrations; and (2) relatively modest profitability levels
compared with those of its top-tier local peers. These challenges are balanced
against its (1) robust levels of tangible common equity compared with that of
its global peers, (2) stable deposit-based funding structure, and (3) robust
local-currency liquidity buffers.
Fidelity
Bank plc (Fidelity)
The negative outlook reflects the negative outlook on Nigeria's
government issuer rating affecting the bank's credit profile as well as
resulting in a lower ability to support the b3 BCA. Fidelity has a large
exposure to sovereign securities and loans at 196% of its tangible common
equity as of June 2019. Fidelity will likely be more exposed to negative
pressure on its revenue generation capacity and asset quality than its top-tier
local peers due to its relatively small size and client base. Fidelity's local
currency deposit rating is B2 while
the local currency national scale rating is A2.ng.
Fidelity's
b3 BCA reflects the bank's (1) relatively tight funding conditions, as
reflected by its high, although improving, loan-to-customer deposit ratio; and
(2) high proportion of foreign-currency loans. These challenges are mitigated
by Fidelity's (1) relatively high provision coverage of NPLs; and (2) solid
capital buffers with a tangible common equity-to-risk-weighted asset that is
comparable to global peers, although the bank's capital buffer against the
regulatory requirement is small.
First
Bank of Nigeria Limited (First Bank)
The negative outlook reflects the negative outlook on Nigeria's
government issuer rating, affecting the bank's credit profile as well as
resulting in a lower ability to support the b3 BCA. First Bank has a large
exposure government debt securities and loans at 267% of its tangible common
equity at end of June 2019. First Bank's local currency deposit rating is B2 while the local currency national scale rating is A2.ng.
First
Bank's BCA of b3 reflects its (1) still-high stock of NPLs, although reducing,
and (2) moderate capital buffers. These challenges are moderated by the bank's
resilient pre-provision profitability and stable funding profile, which is
supported by a large stock of liquid assets.
Guaranty
Trust Bank Plc (Guaranty)
The
negative outlook reflects the negative outlook on Nigeria's government issuer
rating. Guaranty has a large exposure to government debt securities and loans
at 136% of its tangible common equity at end of June 2019. Guaranty's local
currency deposit rating is B2 while the local currency national scale rating is
Aa3.ng.
Guaranty's
BCA of b2 reflects its (1) resilient earnings generation capacity and robust
capital buffers; (2) high liquidity buffers and its predominantly deposit
funded balance sheet; and (3) robust franchise, which allows the bank to earn
relatively higher margins and relatively low credit costs. These challenges are
balanced against elevated single-name and sectoral concentration risks.
Union
Bank of Nigeria Plc
(Union)
The
negative outlook reflects the negative outlook on Nigeria's government issuer
rating, affecting the bank's credit profile as well as resulting in a lower
ability to support the b3 BCA. Union has large exposure to government debt
securities and loans at 211% of its tangible common equity as of June 2019.
Union will likely be more exposed to negative pressure on its revenue
generation capacity and asset quality than its top-tier local peers due to its
relatively small size and client base. Union's local currency deposit rating is
B2 while the local currency national scale rating is A2.ng.
Union's
b3 BCA reflects the bank's (1) high asset risks and low coverage of NPLs by
provisions, which increases the risk of capital erosion in case of loan losses;
(2) weak efficiency and moderate profitability; and (3) still-tight, although
improving, foreign-currency funding position. These challenges are moderated by
the bank's stable deposit-based funding profile, particularly in local
currency.
United
Bank for Africa Plc (UBA)
The negative outlook reflects the negative outlook on Nigeria's
government issuer rating. UBA has a large exposure to government debt
securities and loans via its Nigerian operations that contributed 71% to its
total assets as of June 2019. Total exposure to government securities was large
at 231% of the bank's total shareholders' equity. UBA's local currency deposit
rating is B2 while
the local currency national scale rating is A1.ng.
UBA's b2 BCA reflects the bank's (1)
moderate asset risk profile, supported by its relatively more diversified loan
book than that of its local peers; (2) resilient profitability, which supports
its capital buffers; and (3) predominantly deposit-funded balance sheet, which
is supported by a solid pan-African franchise, and strong local-currency
liquidity buffers. These strengths are counterbalanced by UBA's rising,
although still moderate, dependence on confidence-sensitive funding.
Sterling
Bank Plc (Sterling)
The
negative outlook reflects the negative outlook on Nigeria's government issuer
rating, affecting the bank's credit profile as well as resulting in a lower
ability to support the b3 BCA. Sterling has a large exposure to government debt
securities and loans at 275% of its tangible common equity as of June 2019.
Sterling will likely be more exposed to negative pressure on its revenue
generation capacity and its asset risk than its top-tier local peers due to its
relatively small size and client base. Sterling's local currency deposit rating
is B2 while the local currency national scale rating is A2.ng.
Sterling's
b3 BCA reflects its (1) vulnerabilities in its asset quality because of high
single-name and sector concentration risks; and (2) modest capital levels,
especially in light of high asset risks and high foreign-currency loans. These
challenges are balanced against the bank's deposit-based funding profile and
stable local-currency liquidity.
Zenith
Bank Plc (Zenith)
The
negative outlook reflects the negative outlook on Nigeria's government issuer
rating. Zenith has a large exposure to government debt securities and loans at
232% of its tangible common equity as of June 2019. Zenith's local currency
deposit rating is B2 while the local currency national scale rating is Aa3.ng.
Zenith's
BCA of b2 reflects the bank's (1) resilient earnings generating capacity and
robust capital buffers, which together provide a buffer to withstand
asset-quality deterioration; (2) high liquidity buffers and a predominantly
deposit-funded balance sheet; and (3) robust franchise, which allows it to
attract inexpensive deposits, relative to other Nigerian banks. These strengths
are moderated by the bank's high proportion of more confidence-sensitive
corporate deposits versus retail deposit.
List Of Affected Ratings
Issuer:
Access Bank Plc
..Affirmations:
....Long-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed B2
....NSR
Long-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
Aa3.ng
....Short-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed NP
....NSR
Short-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
NG-1
....Long-term
Bank Deposits (Foreign Currency), affirmed B3, outlook changed to Negative from
Stable
....Long-term
Bank Deposits (Local Currency), affirmed B2, outlook changed to Negative from
Stable
....NSR
Long-term Bank Deposits (Foreign Currency), affirmed A3.ng
....NSR
Long-term Bank Deposits (Local Currency), affirmed A1.ng
....Short-term
Bank Deposits (Local and Foreign Currency), affirmed NP
....NSR
Short-term Bank Deposits (Foreign Currency), affirmed NG-2
....NSR
Short-term Bank Deposits (Local Currency), affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B2(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term
Issuer Ratings (Local and Foreign Currency), affirmed B2, outlook changed to
Negative from Stable
....Short-term
Issuer Ratings (Local and Foreign Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b3
....Adjusted
Baseline Credit Assessment, affirmed b3
....Senior
Unsecured Regular Bond/Debenture (Local Currency), affirmed B2 , outlook
changed to Negative from Stable
....NSR
Senior Unsecured Regular Bond/Debenture (Local Currency), affirmed A1.ng
..Outlook
Action:
....Outlook
changed to Negative from Stable
Issuer:
FCMB (First City Monument Bank) Limited
..Affirmations:
....Long-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed B2
....NSR
Long-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
A2.ng
....Short-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed NP
....NSR
Short-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
NG-1
....Long-term
Bank Deposits (Foreign Currency), affirmed B3, outlook changed to Negative from
Stable
....Long-term
Bank Deposits (Local Currency), affirmed B2, outlook changed to Negative from
Stable
....NSR
Long-term Bank Deposits (Foreign Currency), affirmed A3.ng
....NSR
Long-term Bank Deposits (Local Currency), affirmed A2.ng
....Short-term
Bank Deposits (Local and Foreign Currency), affirmed NP
....NSR
Short-term Bank Deposits (Foreign Currency), affirmed NG-2
....NSR
Short-term Bank Deposits (Local Currency), affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B2(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term
Issuer Ratings (Local and Foreign Currency), affirmed B2, outlook changed to
Negative from Stable
....Short-term
Issuer Ratings (Local and Foreign Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b3
....Adjusted
Baseline Credit Assessment, affirmed b3
..Outlook
Action:
....Outlook
changed to Negative from Stable
Issuer:
Fidelity Bank Plc
..Affirmations:
....Long-term Counterparty Risk Ratings (Local and
Foreign Currency), affirmed B2
....NSR Long-term Counterparty Risk Ratings (Local and
Foreign Currency), affirmed A2.ng
....Short-term Counterparty Risk Ratings (Local and
Foreign Currency), affirmed NP
....NSR Short-term Counterparty Risk Ratings (Local
and Foreign Currency), affirmed NG-1
....Long-term Bank Deposits (Foreign Currency),
affirmed B3, outlook
changed to Negative from Stable
....Long-term Bank Deposits (Local Currency),
affirmed B2,
outlook changed to Negative from Stable
....NSR Long-term Bank Deposits (Foreign Currency),
affirmed A3.ng
....NSR Long-term Bank Deposits (Local Currency),
affirmed A2.ng
....Short-term Bank Deposits (Local and Foreign
Currency), affirmed NP
....NSR Short-term Bank Deposits (Foreign Currency),
affirmed NG-2
....NSR Short-term Bank Deposits (Local Currency),
affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B2(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term Issuer Ratings (Local and Foreign
Currency), affirmed B2,
outlook changed to Negative from Stable
....Short-term Issuer Ratings (Local and Foreign
Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b3
....Adjusted
Baseline Credit Assessment, affirmed b3
..Outlook
Action:
....Outlook
changed to Negative from Stable
Issuer: First Bank of
Nigeria Limited
..Affirmations:
....Long-term Counterparty Risk Rating (Local and
Foreign Currency), affirmed B2
....NSR Long-term Counterparty Risk Ratings (Local and
Foreign Currency), affirmed A2.ng
....Short-term Counterparty Risk Ratings (Local and
Foreign Currency), affirmed NP
....NSR Short-term Counterparty Risk Ratings (Local
and Foreign Currency), affirmed NG-1
....Long-term Bank Deposits (Foreign Currency),
affirmed B3,
outlook changed to Negative from Stable
....Long-term Bank Deposits (Local Currency),
affirmed B2,
outlook changed to Negative from Stable
....NSR Long-term Bank Deposits (Foreign Currency),
affirmed A3.ng
....NSR Long-term Bank Deposits (Local Currency),
affirmed A2.ng
....Short-term Bank Deposits (Local and Foreign
Currency), affirmed NP
....NSR Short-term Bank Deposits (Foreign Currency),
affirmed NG-2
....NSR Short-term Bank Deposits (Local Currency),
affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B2(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term Issuer Ratings (Local and Foreign
Currency), affirmed B2,
outlook changed to Negative from Stable
....Short-term Issuer Ratings (Local and Foreign
Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b3
....Adjusted
Baseline Credit Assessment, affirmed b3
..Outlook
Action:
....Outlook
changed to Negative from Stable
Issuer:
Guaranty Trust Bank Plc
..Affirmations:
....Long-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed B1
....NSR
Long-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
Aaa.ng
....Short-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed NP
....NSR
Short-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
NG-1
....Long-term
Bank Deposits (Foreign Currency), affirmed B3, outlook changed to Negative from
Stable
....Long-term
Bank Deposits (Local Currency), affirmed B2, outlook changed to Negative from
Stable
....NSR
Long-term Bank Deposits (Foreign Currency), affirmed A3.ng
....NSR
Long-term Bank Deposits (Local Currency), affirmed Aa3.ng
....Short-term
Bank Deposits (Local and Foreign Currency), affirmed NP
....NSR
Short-term Bank Deposits (Foreign Currency), affirmed NG-2
....NSR
Short-term Bank Deposits (Local Currency), affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B1(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term
Issuer Rating (Local and Foreign Currency), affirmed B2, outlook changed to
Negative from Stable
....Short-term
Issuer Ratings (Local and Foreign Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b2
....Adjusted
Baseline Credit Assessment, affirmed b2
..Outlook
Action:
....Outlook
changed to Negative from Stable
Issuer:
Sterling Bank Plc
..Affirmations:
....Long-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed B2
....NSR
Long-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
A2.ng
....Short-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed NP
....NSR
Short-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
NG-1
....Long-term
Bank Deposits (Foreign Currency), affirmed B3, outlook changed to Negative from
Stable
....Long-term
Bank Deposits (Local Currency), affirmed B2, outlook changed to Negative from
Stable
....NSR
Long-term Bank Deposits (Foreign Currency), affirmed A3.ng
....NSR
Long-term Bank Deposits (Local Currency), affirmed A2.ng
....Short-term
Bank Deposits (Local and Foreign Currency), affirmed NP
....NSR
Short-term Bank Deposits (Foreign Currency), affirmed NG-2
....NSR
Short-term Bank Deposits (Local Currency), affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B2(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term
Issuer Ratings (Local and Foreign Currency), affirmed B2, outlook changed to
Negative from Stable
....Short-term
Issuer Rating (Local and Foreign Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b3
....Adjusted
Baseline Credit Assessment, affirmed b3
..Outlook
Action:
....Outlook
changed to Negative from Stable
Issuer:
Union Bank of Nigeria Plc
..Affirmations:
....Long-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed B2
....NSR
Long-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
A2.ng
....Short-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed NP
....NSR
Short-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
NG-1
....Long-term
Bank Deposits (Foreign Currency), affirmed B3, outlook changed to Negative from
Stable
....Long-term
Bank Deposits (Local Currency), affirmed B2, outlook changed to Negative from
Stable
....NSR
Long-term Bank Deposits (Foreign Currency), affirmed A3.ng
....NSR
Long-term Bank Deposits (Local Currency), affirmed A2.ng
....Short-term
Bank Deposits (Local and Foreign Currency), affirmed NP
....NSR
Short-term Bank Deposits (Foreign Currency), affirmed NG-2
....NSR
Short-term Bank Deposits (Local Currency), affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B2(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term
Issuer Ratings (Local and Foreign Currency), affirmed B2, outlook changed to
Negative from Stable
....Short-term
Issuer Ratings (Local and Foreign Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b3
....Adjusted
Baseline Credit Assessment, affirmed b3
..Outlook
Action:
....Outlook
changed to Negative from Stable
Issuer: United Bank for
Africa Plc
..Affirmations:
....Long-term Counterparty Risk Ratings (Local and
Foreign Currency), affirmed B1
....NSR Long-term Counterparty Risk Ratings (Local and
Foreign Currency), affirmed Aa1.ng
....Short-term Counterparty Risk Ratings (Local and Foreign
Currency), affirmed NP
....NSR Short-term Counterparty Risk Ratings (Local
and Foreign Currency), affirmed NG-1
....Long-term Bank Deposits (Foreign Currency),
affirmed B3,
outlook changed to Negative from Stable
....Long-term Bank Deposits (Local Currency),
affirmed B2,
outlook changed to Negative from Stable
....NSR Long-term Bank Deposits (Foreign Currency),
affirmed A3.ng
....NSR Long-term Bank Deposits (Local Currency),
affirmed A1.ng
....Short-term Bank Deposits (Local and Foreign
Currency), affirmed NP
....NSR Short-term Bank Deposits (Foreign Currency),
affirmed NG-2
....NSR Short-term Bank Deposits (Local Currency),
affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B1(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term Issuer Ratings (Local and Foreign
Currency), affirmed B2,
outlook changed to Negative from Stable
....Short-term Issuer Ratings (Local and Foreign
Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b2
....Adjusted
Baseline Credit Assessment, affirmed b2
....Senior Unsecured Regular Bond/Debenture (Foreign
Currency), affirmed B2,
outlook changed to Negative from Stable
..Outlook
Action:
....Outlook
changed to Negative from Stable
Issuer:
Zenith Bank Plc
..Affirmations:
....Long-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed B1
....NSR
Long-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
Aaa.ng
....Short-term
Counterparty Risk Ratings (Local and Foreign Currency), affirmed NP
....NSR
Short-term Counterparty Risk Ratings (Local and Foreign Currency), affirmed
NG-1
....Long-term
Bank Deposits (Foreign Currency), affirmed B3, outlook changed to Negative from
Stable
....Long-term
Bank Deposits (Local Currency), affirmed B2, outlook changed to Negative from
Stable
....NSR
Long-term Bank Deposits (Foreign Currency), affirmed A3.ng
....NSR
Long-term Bank Deposits (Local Currency), affirmed Aa3.ng
....Short-term
Bank Deposits (Local and Foreign Currency), affirmed NP
....NSR
Short-term Bank Deposits (Foreign Currency), affirmed NG-2
....NSR
Short-term Bank Deposits (Local Currency), affirmed NG-1
....Long-term
Counterparty Risk Assessment, affirmed B1(cr)
....Short-term
Counterparty Risk Assessment, affirmed NP(cr)
....Long-term
Issuer Ratings (Local and Foreign Currency), affirmed B2, outlook changed to
Negative from Stable
....Short-term
Issuer Ratings (Local and Foreign Currency), affirmed NP
....Baseline
Credit Assessment, affirmed b2
....Adjusted
Baseline Credit Assessment, affirmed b2
....Senior
Unsecured Regular Bond/Debenture (Foreign Currency), affirmed B2, outlook
changed to Negative from Stable
....Senior
Unsecured Medium-Term Note Program (Foreign Currency), affirmed (P)B2
..Outlook
Action:
....Outlook
changed to Negative from Stable
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