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Nigerian Financial Institutions National Scale Ratings Revised After Criteria Update

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Tuesday, July 03, 2018 /08:57 AM / S & P Global Ratings 

S&P Global Ratings today reviewed its national scale ratings on Nigeria-based financial institutions, which it had placed under criteria observation (UCO) after the revision of its national scale rating criteria and the subsequent recalibration of its mapping table for Nigeria. 

As a result of this review, we have raised our national scale ratings on Access Bank PLC, Guaranty Trust Bank PLC, Stanbic IBTC Bank PLC, United Bank for Africa Plc, and Zenith Bank PLC to 'ngA/ngA-1' from 'ngBBB/ngA-2'. 

We raised our national scale ratings on First Bank of Nigeria Ltd., Fidelity Bank PLC, and First City Monument Bank PLC to 'ngBBB/ngA-2' from 'ngBB+/ngB'. Finally, we raised the ratings on Diamond Bank PLC and FBN Holdings PLC to 'ngBBB-/ngA-3' from 'ngBB/ngB' and 'ngBB+/ngB', respectively (see the ratings list below for the full details). At the same time, we have removed the UCO identifier on these ratings. 

For the new mapping, please see "Methodology For National And Regional Scale Credit Ratings," and the guidance document "S&P Global Ratings' National And Regional Scale Mapping Specifications," both published June 25, 2018, on RatingsDirect. 

These rating actions do not reflect any change in the fundamental credit quality of the issuers. Our global scale issuer credit ratings on the entities are not affected by today's rating actions. National scale ratings express our opinion of the creditworthiness of an issuer or a debt instrument relative to other issuers in a given country.
 

Related Criteria 

•   General Criteria: Methodology For National And Regional Scale Credit Ratings, June 25, 2018

•  Criteria - Financial Institutions - General: Risk-Adjusted Capital Framework Methodology, July 20, 2017

•   General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017

•  Criteria - Financial Institutions - Banks: Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions, Jan. 29, 2015

•  General Criteria: Group Rating Methodology, Nov. 19, 2013

• Criteria - Financial Institutions - Banks: Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013

•  General Criteria: Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings, Oct. 1, 2012

•   Criteria - Financial Institutions - Banks: Banks: Rating Methodology And Assumptions, Nov. 9, 2011

•  Criteria - Financial Institutions - Banks: Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011

•  General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
 

Related Research

•  Nigeria National Scale Ratings Placed Under Criteria Observation On Revised National Scale Credit Rating Methodology, June 25, 2018

•  S&P Global Ratings' National And Regional Scale Mapping Specifications, June 25, 2018

• Nigeria Ratings Affirmed At 'B/B'; Outlook Stable, March 16, 2018

 

Ratings List National Scale Ratings Revised 

 To   From

Access Bank PLC

Issuer Credit Rating

 Nigeria National Scale                 ngA/--/ngA-1       ngBBB/--/ngA-2
 

Diamond Bank PLC

Issuer Credit Rating

  Nigeria National Scale                 ngBBB-/--/ngA-3    ngBB/--/ngB
 

FBN Holdings PLC

Issuer Credit Rating

  Nigeria National Scale                 ngBBB-/--/ngA-3    ngBB+/--/ngB
 

First Bank of Nigeria Ltd.

Issuer Credit Rating

  Nigeria National Scale                 ngBBB/--/ngA-2     ngBB+/--/ngB
 

Fidelity Bank PLC

Issuer Credit Rating

  Nigeria National Scale                 ngBBB/--/ngA-2     ngBB+/--/ngB
 

First City Monument Bank PLC

Issuer Credit Rating

  Nigeria National Scale                 ngBBB/--/ngA-2     ngBB+/--/ngB
 

Guaranty Trust Bank PLC

Issuer Credit Rating

  Nigeria National Scale                 ngA/--/ngA-1       ngBBB/--/ngA-2
 

Stanbic IBTC Bank PLC

Issuer Credit Rating

  Nigeria National Scale                 ngA/--/ngA-1       ngBBB/--/ngA-2
 

United Bank for Africa Plc

Issuer Credit Rating

  Nigeria National Scale                 ngA/--/ngA-1       ngBBB/--/ngA-2
 

Zenith Bank PLC

Issuer Credit Rating

  Nigeria National Scale                 ngA/--/ngA-1       ngBBB/--/ngA-2
 

Regulatory Disclosures

•           Primary credit analyst: Kuziva Murigo, Rating Analyst (Access Bank PLC,

•           Diamond Bank PLC, Fidelity Bank PLC, First Bank of Nigeria Ltd., FBN

•           Holdings PLC, First City Monument Bank PLC, Guaranty Trust Bank, United

•           Bank for Africa Plc, Zenith Bank PLC)

•           Primary credit analyst: Samira Mensah, Director (Stanbic IBTC Bank PLC)

•           Rating Committee Chairperson: Emmanuel Volland
 

Date initial rating assigned:

•           Access Bank PLC, March 12, 2009

•           Diamond Bank PLC, April 28, 2014

•           FBN Holdings PLC, June 11, 2013

•           Fidelity Bank PLC, March 11, 2013

•           First Bank of Nigeria Ltd., June 11, 2013

•           First City Monument Bank PLC, May 22, 2008

•           Guaranty Trust Bank PLC, Nov. 27, 2006

•           Stanbic IBTC Bank PLC, Nov. 13, 2013

•           United Bank for Africa Plc, May 19, 2017

•           Zenith Bank PLC, Nov. 16, 2007
 

Date of previous review:

•           Access Bank PLC, June 25, 2018

•           Diamond Bank PLC, June 20, 2018

•           FBN Holdings PLC, June 22, 2018

•           Fidelity Bank PLC, May 25, 2018

•           First Bank of Nigeria Ltd., June 22, 2018

•           First City Monument Bank PLC, June 1, 2018

•           Guaranty Trust Bank PLC, Sept. 22, 2017

•           Stanbic IBTC Bank PLC, May 22, 2018

•           United Bank for Africa Plc, Nov. 16, 2017

•           Zenith Bank PLC, Sept. 22, 2017

 
Proshare Nigeria Pvt. Ltd.


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