PIC company keeps triple B rating

Public Investment Corporation’s (PIC) Nigeria-based financial services company’s national scale long term rating has been kept at BBB(NG), by a rating agency.

Ecobank Nigeria, which is also backed by Arise, has been affirmed on adequate funding and liquidity position, against weak asset quality, high loan book concentrations, and notable underperformance in earnings.

Meanwhile, the rating agency has also kept the company’s national scale short-term rating at A3(NG) with a stable outlook.

The positive outlook reflects the rating agency’s expectation that Ecobank Nigeria’s financial profile will be stable over the rating horizon, notwithstanding the evident challenges both internally and in the operating environment.

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