Fitch Ratings is a global provider of credit ratings and research. Founded in 1913, the company is part of the Fitch Group based in New York. It is one of the Big Three credit rating agencies in the world. Global Rating Agency, Fitch Ratings, has released its credit rating for three tier-1 banks in the country. The banks include United Bank for Africa (UBA), Access Bank and Guaranty Trust Bank Plc (GTBank).
United Bank for Africa (UBA): Fitch Ratings upgraded United Bank for Africa Plc’s (UBA) Long-Term Issuer Default Rating (IDR) to ‘B+’ from ‘B’, with a Stable outlook. UBA’s Viability Rating (VR) was upgraded to ‘b+’ from ‘b’. According to Fitch, UBA’s IDRs are driven by its intrinsic creditworthiness, as defined by its VR.
This reflects UBA’s position as one of Nigeria’s largest banks, as well as its sound financial metrics and reasonable capital buffers. It controls an overall market share in Nigeria of approximately 10% and its well-established franchise is a rating strength.”
Access Bank Rating: Fitch Ratings affirmed Access Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook. The Viability Rating (VR) is affirmed at ‘b’.
GTBank Rating: Fitch Ratings revised the Outlook on Guaranty Trust Bank Plc’s (GTBank) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B+’.
GTBank’s VR is the highest assigned by Fitch to a Nigerian bank. The rating further noted that GTBank is one of Nigeria’s largest banks, controlling an overall domestic market share of approximately 11%.
