{"id":117072,"date":"2025-04-04T08:38:49","date_gmt":"2025-04-04T07:38:49","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117072"},"modified":"2025-04-04T08:38:49","modified_gmt":"2025-04-04T07:38:49","slug":"seven-nigerian-banks-to-benefit-from-sovereign-upgrade-fitch-ratings","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/seven-nigerian-banks-to-benefit-from-sovereign-upgrade-fitch-ratings\/","title":{"rendered":"Seven Nigerian banks to benefit from sovereign upgrade- Fitch Ratings"},"content":{"rendered":"<div id=\"m#msg-f:1828451102839380847\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Daniel Adaji<\/div>\n<div id=\"m#msg-f:1828451102839380847-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div><\/div>\n<div>Seven major Nigerian banks are likely to benefit from a potential upgrade of Nigeria\u2019s sovereign Long-Term Issuer Default Ratings (LT IDRs),\u00a0 according to Fitch Ratings.<\/div>\n<div><\/div>\n<div>According to the information obtained from the agency on Friday, the positive outlook on the sovereign\u2019s \u2018B-\/Positive\u2019 rating reflects a similar outlook for these banks, which include Access Bank, Zenith Bank, First HoldCo, First Bank of Nigeria, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), and Guaranty Trust Bank (GTB).<\/div>\n<div><\/div>\n<div>Fitch suggested that these upgrades are contingent on Nigeria maintaining a stable financial environment and the banks continuing to show financial resilience.<\/div>\n<div><\/div>\n<div>\u201cSeven Nigerian bank and two bank holding company Long-Term Issuer Default Ratings (LT IDRs) would be likely to be upgraded if Nigeria\u2019s sovereign LT IDRs (B-\/Positive) were upgraded and the entities maintained stable financial profiles,\u201d Fitch stated.<\/div>\n<div><\/div>\n<div>The ratings for these banks, except for Bank of Industry (BOI), are primarily driven by their standalone creditworthiness, expressed through Viability Ratings (VRs).<\/div>\n<div><\/div>\n<div>However, these VRs have been constrained by the banks\u2019 substantial exposure to the sovereign, particularly through holdings of sovereign debt securities and large cash reserves at the Central Bank of Nigeria.<\/div>\n<div><\/div>\n<div>\u201cThe VRs are primarily constrained by high exposure to the sovereign through holdings of sovereign debt securities and large cash reserves at the Central Bank of Nigeria,\u201d Fitch explained in the report.<\/div>\n<div><\/div>\n<div>Notably, the VRs of Zenith, UBA, and GTCO\/GTB are one notch below the \u2018b\u2019 implied VRs due to constraints imposed by the operating environment and sovereign rating, which may improve should Nigeria\u2019s LT IDRs be upgraded.<\/div>\n<div><\/div>\n<div>Fidelity Bank, despite having a smaller franchise than other major Nigerian banks, is actively working on raising capital to meet the increased minimum paid-in capital requirements set to take effect at the end of Q1 2026. The bank has already doubled its paid-in capital since the end of Q3 2024.<\/div>\n<div><\/div>\n<div>\u201cThe improvement in core capitalisation would support an upgrade of Fidelity\u2019s VR and LT IDR if the sovereign were upgraded,\u201d Fitch stated.<\/div>\n<div><\/div>\n<div>For BOI, a state-owned policy bank, the LT IDR is driven by a limited probability of government support, reflected in its Government Support Rating of \u2018b-\u2019. Fitch notes that an upgrade of the sovereign rating would enhance the government\u2019s ability to provide support, likely leading to a corresponding upgrade for BOI.<\/div>\n<div><\/div>\n<div>On the other hand, banks such as First City Monument Bank, Wema Bank, Jaiz Bank, and Coronation Merchant Bank have \u2018B-\u2019 LT IDRs, which are constrained by a weaker financial profile and the domestic operating environment.<\/div>\n<div><\/div>\n<div>A positive reassessment of the operating environment, which could result from a sovereign upgrade, would also improve these banks\u2019 ratings.<\/div>\n<div><\/div>\n<div>\u201cWithout a sovereign upgrade, the ratings would remain capped at the level of the operating environment score,\u201d Fitch added, highlighting the close link between the country\u2019s overall economic outlook and the performance of the financial sector.<\/div>\n<div><\/div>\n<div>In the context of these potential upgrades, the report also emphasizes the continued risk of macroeconomic instability, which has led to various interventions by Nigerian authorities, including a high cash reserve ratio requirement and a minimum loans-to-deposits ratio of 50 per cent.<\/div>\n<div><\/div>\n<div>These measures are designed to stimulate credit extension despite the challenging macroeconomic conditions.<\/div>\n<div><\/div>\n<div>Fitch noted that Ecobank Nigeria and Union Bank of Nigeria, which currently have \u2018CCC\u2019 LT IDRs, would require restored capital adequacy compliance and sufficient buffers to absorb potential future losses to see an upgrade. Their ratings are also closely linked to the financial health of their parent institutions.<\/div>\n<div><\/div>\n<div>Fitch added that \u201can upgrade of their VRs and IDRs would require restored capital adequacy ratio compliance with sufficient buffers to absorb the impact of potential further local-currency depreciation and credit losses and to mitigate credit concentration risks.\u201d<\/div>\n<div><\/div>\n<div>As the Nigerian government continues its efforts to stabilize the economy, the outlook for these banks remains closely tied to the sovereign rating, with an upgrade holding the potential for significant benefits for the country\u2019s major financial institutions.<\/div>\n<div id=\"m_-2995214513544673048ymail_android_signature\"><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji Seven major Nigerian banks are likely to benefit from a potential upgrade of Nigeria\u2019s sovereign Long-Term Issuer Default Ratings (LT IDRs),\u00a0 according to Fitch Ratings. According to the&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":117073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Seven Nigerian banks to benefit from sovereign upgrade- Fitch Ratings - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/seven-nigerian-banks-to-benefit-from-sovereign-upgrade-fitch-ratings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seven Nigerian banks to benefit from sovereign upgrade- Fitch Ratings - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Daniel Adaji Seven major Nigerian banks are likely to benefit from a potential upgrade of Nigeria\u2019s sovereign Long-Term Issuer Default Ratings (LT IDRs),\u00a0 according to Fitch Ratings. 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