Fitch Affirms FBN Holdings Plc at ‘B-‘; off RWN; Outlook Negative

Fitch Affirms FBN Holdings Plc at 'B-'; off RWN; Outlook Negative

Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of FBN Holdings Plc (FBNH) and its primary operating subsidiary, First Bank of Nigeria Ltd (FBN), at ‘B-‘, and removed them from Rating Watch Negative (RWN). The Outlooks are Negative. The removal of the RWN from FBNH’s and FBN’s Long-Term IDRs, Viability Ratings (VRs) and National Ratings reflects Fitch’s view of receding near-term risks to the bank’s credit fundamentals from the economic fallout arising from the oil price crash and coronavirus pandemic. In our opinion the impact of the economic downturn on FBNH’s and…

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