Fitch Affirms Nigeria’s Rating at B- Amid Declining Capital Inflows

By Modupe Gbadeyanka The long-term foreign-currency issuer default rating of Nigeria has been affirmed at B- by a global rating agency, Fitch Ratings. The company said in a statement last week that it gave the affirmation despite short-term challenges like the exchange rate volatility, and the decline in capital inflows in recent quarters amid high… Continue reading Fitch Affirms Nigeria’s Rating at B- Amid Declining Capital Inflows

Fitch Lauds Rise in Foreign Portfolio Investment Inflows to Nigeria

By Adedapo Adesanya Fitch Ratings has revised the Outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at ‘B-‘. In its latest rating released last Friday, the global agency pointed out that the positive outlook partly reflected reforms over the last year to support the restoration of… Continue reading Fitch Lauds Rise in Foreign Portfolio Investment Inflows to Nigeria

Fitch to Upgrade Ecobank Ratings if Exchange Rate Volatility Eases

By Aduragbemi Omiyale There is every possibility for an upgrade in the ratings of Ecobank Transnational Incorporated (ETI) and Ecobank Nigeria Limited (ENG) if the exchange rate volatility in Nigeria eases. This is the position of a global rating agency, Fitch, in its latest rating action. The firm had placed the Viability Ratings (VRs) of… Continue reading Fitch to Upgrade Ecobank Ratings if Exchange Rate Volatility Eases

Brent to Trade at $105 Per Barrel in 2022–Fitch

By Adedapo Adesanya Fitch Solutions Country Risk & Industry Research has revealed that it expects the price of Brent crude oil, which Nigeria among other countries prices its headline crude, to average $105 per barrel this year. This was disclosed in its latest oil price outlook, which outlines where the company sees the commodity going… Continue reading Brent to Trade at $105 Per Barrel in 2022–Fitch

Fitch Retains $100 per Barrel Price Forecast for Brent

By Adedapo Adesanya Top rating company, Fitch Solutions Country Risk & Industry Research, has left its Brent crude price forecast unchanged at $100 per barrel in 2022 and $90 per barrel in 2023. A new report from the company revealed that “prices have stayed elevated in the wake of Russia’s invasion of Ukraine, reflecting supply… Continue reading Fitch Retains $100 per Barrel Price Forecast for Brent

Fitch Launches Index to Replace World Bank Doing Business Report

By Adedapo Adesanya Fitch Solutions has launched a revamped and enhanced Operational Risk service which will provide an immediately accessible alternative to the now-discontinued World Bank Doing Business report. Business Post had reported that the Bretton Wood Institution discontinued the publishing of its Ease of Doing Business report after 18 years due to irregularities. The… Continue reading Fitch Launches Index to Replace World Bank Doing Business Report

Fitch Sees Improvement in Ecobank Nigeria’s Profitability

By Dipo Olowookere Ecobank Nigeria is expected to record a moderate improvement in profitability, a notable rating agency, Fitch Ratings, has submitted. The rating firm made this submission based on the receding asset-quality pressures and lower loan impairment charges (LICs) of the financial institution. In a statement to announce affirming the lender’s Long-Term Issuer Default… Continue reading Fitch Sees Improvement in Ecobank Nigeria’s Profitability

Fitch Affirms AfDB’s AAA Rating with Stable Outlook

By Adedapo Adesanya The global credit rating agency, Fitch Ratings, has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’, with a stable outlook. According to the agency, “the affirmed rating of the AfDB is driven by extraordinary support it receives from its shareholders, which Fitch Ratings assess at ‘AAA’”. It… Continue reading Fitch Affirms AfDB’s AAA Rating with Stable Outlook

Nigeria’s $2.5b Eurobonds Rated ‘B+(EXP)’ by Fitch

By Dipo Olowookere Fitch has announced placing a ‘B+(EXP)’ rating on the $2.5 Eurobonds issuance by the Nigerian government in the coming days. Last week, precisely on Tuesday, the Senate approved a request by President Muhammadu to seek foreign loan of $5.5 billion, part of which is the $2.5 billion Eurobonds issuance. The $2.5 billion… Continue reading Nigeria’s $2.5b Eurobonds Rated ‘B+(EXP)’ by Fitch

Fitch Affirms Nigeria at ‘B+’ with Negative Outlook

By Modupe Gbadeyanka One of the leading rating agencies in the world, Fitch Ratings, has affirmed Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B+’ with a Negative Outlook. A statement issued yesterday by the firm explained that Nigeria’s ratings were supported by its large and diversified economy, significant oil reserves, its net external creditor… Continue reading Fitch Affirms Nigeria at ‘B+’ with Negative Outlook