Wednesday 28, June 2017 by William Mullally

First Bank of Nigeria outlook revised to 'stable'

The rating actions reflect its view that FirstBank's regulatory capital has  improved and the risk of breaching regulatory requirements has thus  diminished. In addition, the bank's funding and liquidity remain a credit strength.

S&P Global Ratings has revised its outlook on Nigeria-based First Bank of Nigeria Ltd. (FirstBank) to stable from negative. S&P affirmed its 'B-/B' long- and short-term counterpartycredit ratings on FirstBank.

At the same time, it has raised its long-term national scale rating on  FirstBank to 'ngBB+' from 'ngBB', while affirming its short-term national scale rating at 'ngB'.

Furthermore, it took the same rating actions on FirstBank's nonoperating holding company (NOHC), FBN Holdings PLC (FBNH).

The rating actions reflect its view that FirstBank's regulatory capital has  improved and the risk of breaching regulatory requirements has thus  diminished. In addition, the bank's funding and liquidity remain a credit strength.

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