Fitch Ratings has affirmed the Support Ratings (SRs) and Support Rating Floors (SRFs) of 10 Nigerian Banks. They are Zenith Bank Plc (Zenith), FBN Holdings Plc (FBNH), First Bank of Nigeria Ltd (FBN), United Bank for Africa Plc (UBA), Guaranty Trust Bank Plc (GTB), Access Bank Plc (Access), Diamond Bank Plc (Diamond), Fidelity Bank Plc (Fidelity), Union Bank of Nigeria Plc (Union) and First City Monument Bank Limited (FCMB).
The rating actions follow Fitch's revision of the Outlook on Nigeria's Long-term Issuer Default Ratings (IDRs) to Negative from Stable.
Fitch has also affirmed the IDRs and National Ratings of six banks, namely FBN, UBA, Diamond, Fidelity, Union and FCMB. The Outlooks on these Long-term IDRs remain Stable. These banks' IDRs and National Ratings are driven by the probability of sovereign support, as indicated by their SRFs.
The National Ratings of Stanbic IBTC Bank Plc (SIBTC) and Stanbic IBTC Holdings Plc (SIBTCH) are unaffected by the sovereign rating action, as their 'AAA(nga)' ratings are based on the support that the bank and the holding company derive from Standard Bank Group Limited (SBG; BBB/Negative).
The Viability Ratings (VRs) of Fitch-rated Nigerian banks are unaffected by the sovereign rating action. Therefore, the IDRs and National Ratings of Zenith, FBNH, GTB and Access are unaffected, as these are driven by the banks' standalone strengths, as indicated by their VRs. Fitch recently reviewed all Nigerian banks' VRs (see 'Fitch Affirms 10 Nigerian Banks on Peer Review; Stable Outlook", dated 23 February 2015).
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