Zenith leads other mega 8 banks in Moody’s downgrade ratings

Pursuant to the downgrade or downward review of Nigeria’s rating last week, the international financial sector rating agency, Moody’s Investors Service has downgraded nine Nigerian banks, including Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Limited, and Sterling Bank Plc.
Moody’s, an international rating agency, downgraded to Caa1 from B3 the long-term deposit ratings, issuer ratings, as well as the senior unsecured debt ratings (where applicable), of all the nine lenders, it said in a statement issued on Tuesday. A report monitored by The PUNCH stated that Moody’s also changed the outlook to stable on the long-term deposit ratings, issuer ratings as well as senior unsecured debt ratings (where applicable) of the nine rated Nigerian banks. “Today’s rating actions follow Moody’s downgrade on January 27, 2023 of the long-term issuer rating of the Government of Nigeria to Caa1 from B3, and change in the outlook to stable,” it said.