According to the report, though “ENG has a moderate market share of Nigeria’s banking sector assets (3.9% at end of 2021), its franchise gets an edge and benefits from being a subsidiary of Ecobank Transnational Incorporated (ETI; B-/Stable), a large pan-African banking group with operations spanning 33 countries across Sub-Saharan Africa (SSA)” .
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Fitch has simultaneously upgraded the bank’s National Short-Term Rating to ‘F2(nga)’ from ‘F3(nga).’
It said the upgrade of BOI’s Long-Term National Rating of “AAA(nga)” reflects the linkage between the bank and the sovereign has strengthened as evident in the significant size of the Central Bank of Nigeria guarantees provided for BOI’s recent external funding.
Fitch said the triple-A rating was driven by the ‘extraordinary support’ of the bank’s shareholders.
Fitch Ratings is a leading provider of credit ratings, commentary and research for global markets. The National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ Ratings are the highest possible ratings on Fitch’s rating scale.
A global credit rating agency, Fitch Ratings, has affirmed the positive economic ratings of Lagos State despite the missed contracted services payment by Visionscape Sanitation Solutions as a result of halting of the waste management agreement.
In the report issued on November 27, 2017, the two institutions recorded AAA (nga) national long term rating, which provides a relative measure of credit worthiness for rated institutions in Nigeria.
Further improvement of the local economy giving additional boost to IGR would also be positive for the ratings
Fitch also said that it expected the banks’ performance and growth to moderate over the next 18 months due to CBN’s actions aimed at protecting the economy and the banking system.