Fitch predicts $6.63 surge in Nigeria’s external reserves in 2021

Nigeria’s external reserves

Fitch predicts $6.63 surge in Nigeria’s external reserves in 2021   Fitch Ratings has predicted that Nigeria’s external reserves would surge by $6.63 billion to hit $42 billion in 2021, higher than the $35.374 billion it stood at the end of 2020. This is according to figures obtained from the website of the Central Bank of Nigeria (CBN). In a report titled, “Depreciatory Pressures on Key Sub-Saharan African Currencies to Lessen,” the global credit rating agency hinged the forecast on its expectation that Brent crude would average $53 per barrel,…

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REBOUND: Fitch projects improved global GDP at 5.3% in 2021

Nigeria’s external reserves

REBOUND: Fitch projects improved global GDP at 5.3% in 2021 As the global economy rebounds from the impact of the first wave of Coronavirus pandemic, Fitch Ratings, the credit rating firm, has revised its global GDP forecast for 2021. The agency believes there would be a modest uptick to 5.3 per cent in the year that immediately follows an economy ravaged 2020 pandemic year. The rating firm disclosed in its revised global economic outlook (GEO) just released that it also expected a moderation in the negative GDP growth for 2020…

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Fitch Ratings revises Coronation Merchant Bank’s outlook to stable

Nigeria’s external reserves

Fitch Ratings has revised the Outlook on Nigeria-based Coronation Merchant Bank Limited’s (CMB) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B-‘. Fitch has also affirmed CMB’s Viability Rating (VR) at ‘b-‘ and National Long-Term Rating at ‘BBB (nga)’. A full list of ratings is below. The revision of the Outlook to Stable reflects Fitch’s view of receding near-term risks to the bank’s intrinsic creditworthiness from the economic downturn. In our view, the bank’s Long-Term IDR has sufficient headroom at the ‘B-‘ level to…

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UBA’s financial outlook is stable, says Fitch Ratings

UBA Savings Promo

Fitch Ratings has affirmed United Bank for Africa (UBA) Plc’s ratings, including the Long-Term Issuer Default Rating (IDR) at ‘B’, and removed them from Rating Watch Negative (RWN). According to the London-based agency in a report released on Monday, the outlook is stable for the pan-African financial institution. The removal of the RWN on UBA’s Long-Term IDRs, Viability Rating (VR) 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…

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Fitch Affirms Zenith Bank at ‘B’; Off Rating Watch Negative, Outlook Stable

Investors stake N3.83bn on Zenith Bank’s shares on Monday

Fitch Ratings has affirmed Zenith Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and removed it from Rating Watch Negative (RWN). The Outlook is Stable. A full list of rating actions is below. The removal of the RWN on Zenith’s Long-Term IDR, Viability Rating (VR) 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 Zenith’s credit profile is tolerable at…

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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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Fitch affirms Guaranty Trust Bank at ‘B’; off RWN; Outlook Stable

GTBank Fitch ratings

Fitch Ratings has affirmed Guaranty Trust Bank (GTB) Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and removed it from Rating Watch Negative (RWN). The Outlook is Stable. The removal of GTB‘s Long-Term IDRs, Viability Rating (VR) and National Ratings from RWN 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 GTB‘s credit profile is tolerable at the current rating and it will take several quarters before the…

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Relief as Fitch revises Nigeria’s outlook to stable

Nigeria’s external reserves

Fitch Ratings has revised the outlook on Nigeria’s long-term foreign-currency Issuer Default Rating to stable from negative and affirmed the IDR at ‘B’. The international rating firm disclosed this in its report with the title “Fitch revises Nigeria’s outlook to stable, affirms at ‘B’” released on Wednesday. The revision of the outlook reflected a decrease in the level of uncertainty surrounding the impact of the global pandemic shock on the Nigerian economy, it said. Fitch also noted that oil prices have stabilised, global funding conditions have eased and domestic restrictions…

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