Nigerian investment bank rating uplifted

A Nigeria-based financial services company’s outlook has been lifted to stable from negative, by Fitch Ratings.

The rating agency has upgraded Coronation Merchant Bank (CMB) on receding near-term risks to its creditworthiness from the economic downturn brought on by the coronavirus disease 2019 (COVID-19) crisis.

Meanwhile, Fitch has also affirmed CMB’s long-term issuer default rating at B-. The rating agency is confident that the company has sufficient headroom to absorb moderate shocks from the challenging operating environment.

The rating agency has also kept CMB’s national long-term rating at BBB (nga).

See issuer profile here