Fitch has affirmed its Long-Term Issuer Default Ratings (IDRs) of FBN Holdings Plc (FBNH) and its primary operating subsidiary, First Bank of Nigeria Limited (FBN), at ‘B-‘with a Negative Outlook. This is just as Moody’s Investors Service has placed all long-term ratings and assessments of First Bank of Nigeria Limited on review for downgrade. According to the Fitch the affirmation reflected its view that the impact of the Central Bank of Nigeria’s (CBN) replacement of FBN Holdings and First Bank’s boards, the identification of corporate governance failings and the imposition of corrective measures are tolerable at the rating level.