Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of First Bank of Nigeria Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 14 June 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.
Key rating considerations are summarized below.
First Bank of Nigeria Limited's (First Bank) B2 long-term deposit ratings incorporate a one notch uplift of government support from its b3 baseline credit assessment (BCA).
First Bank's BCA reflects its reducing but still-high asset risk and modest capital buffers compared to its peers as well as the bank's stable deposit-based funding profile and high stock of liquidity assets.
Our view of the creditworthiness of First Bank is based on FBN Holdings Plc's (FBNH) public financial statements.
Tuesday, June 22, 2021 / 08:35 PM / By Moody's Investors Service / Header Image Credit: First Bank
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