Fitch Ratings affirms KIB s long-term IDR at A+ with a stable outlook
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Nigeria: Fitch Revises Coronation Merchant Bank s Outlook to Stable - Affirms IDR Rating At B-
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Nigeria: Fitch Revises Coronation Merchant Bank s Outlook to Stable
21 December 2020
Fitch Ratings has revised the outlook on Coronation Merchant Bank s Long-Term Issuer Default Rating (IDR) to Stable, from Negative.
The rating agency also affirmed the bank s IDR at B-, its Viability Rating (VR) at b- and National Long-Term Rating at BBB (nga) .
According to Fitch Ratings, Coronation Merchant Bank has good asset-quality, reporting zero impaired loans (IFRS 9 Stage3)/gross ratio as at end 9M20, which has also been the case since inception. CMB s lending has continued to grow rapidly (up 45% yoy in 9M20), in line with high demand for imports and the diversification of the bank s funding profile.
By Itohan Abara-Laserian
Lagos, Dec. 20, 2020 The Fitch Ratings has revised the outlook on the Coronation Merchant Bank’s (CMB) Long-Term Issuer Default Rating (IDR) to ‘stable’ from negative and affirmed it at ‘B-’.
Mr Banjo Adegbohungbe, Managing Director and Chief Executive Officer of the bank, announced this in a statement on Sunday in Lagos.
Adegbohungbe said that the global rating agency has also affirmed the bank’s Viability Rating (VR) at ‘B-’ and National Long-Term Rating at ‘BBB (nga)’.
Naija247news reports that the Fitch Ratings is a provider of credit ratings, commentary and research, as well as providing clarity and insight enabling its clients all over the world to make better decisions.