Moody's Announces Completion of a Periodic Review of Ratings of FCMB Limited

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Wednesday, June 23, 2021 / 08:18 AM / By Moody's Investors Service / Header Image Credit: FCMB

 

Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of FCMB (First City Monument Bank) Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 14 June 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

 

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.

 

Key rating considerations are summarized below:

  • FCMB (First City Monument Bank) Limited's (FCMB) B2 long-term deposit ratings incorporate a one-notch uplift of government support from the bank's b3 baseline credit assessment (BCA).
  • FCMB's b3 BCA reflects its high asset risks driven by its high single-name and sector concentrations, and its modest profitability compared with those of its top-tier domestic peers. These challenges are moderated by the bank's stable retail deposit-based funding structure as well as good local currency liquidity buffers.


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