Nigerian bank upgraded

Nigeria-based financial services company, First Bank of Nigeria’s outlook has been lifted from negative to stable, by a rating agency.

The rating reflects the rating agency’s expectation that the asset quality metrics will continue to improve on the back of FirstBank’s recently institutionalised discipline credit culture.

First Bank’s long-term national scale issuer rating has also been affirmed at A-(NG), while the short-term national scale issuer rating has been maintained at A2(NG).

See issuer profile here