Fitch Revises Outlooks on 11 Nigerian Banks to Positive from Stable, Cites Lower Sovereign Risk

Fitch Ratings has revised the outlooks on 11 Nigerian banks and bank-related institutions to positive from stable, citing lower sovereign risk. The action followed Fitch's revision of Nigeria's long-term issuer default rating outlook to positive on October 9, reflecting confidence in the continuity of policy reforms ahead of the next election cycle. The agency affirmed the affected institutions' long-term issuer default ratings at 'B', indicating the improved outlook reflects potential progress rather than an immediate upgrade. Institutions covered include Access Bank Plc, Zenith Bank Plc and First HoldCo Plc.

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