Fitch affirms credit ratings of some Nigerian banks operating in Ghana
Fitch Ratings has affirmed the credit ratings of some Nigerian banks operating in Ghana, including Access Bank, United Bank for Africa (UBA), Guaranty Trust Holding Company, and Zenith Bank.
The affirmations underscore the stability of these banks and their prominent positions in the banking sector.
Fitch Ratings affirmed Access Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook.
Additionally, the bank’s National Long-Term Rating was affirmed at ‘A+(nga)’ with a Stable Outlook. Fitch emphasized that Access Bank’s National Long-Term Rating balances its leading franchise against weaker core capitalization and profitability compared to higher-rated peers.
Guaranty Trust Holding Company (GTCO) and its core banking subsidiary Guaranty Trust Bank Limited (GTB) also received affirmations from Fitch.
The Long-Term Issuer Default Ratings (IDRs) for both GTCO and GTB were affirmed at ‘B-‘ with Stable Outlooks.
The National Long-Term Ratings for GTCO and GTB were affirmed at ‘AA(nga)’ with Stable Outlooks. Fitch highlighted that the Long-Term IDRs of GTCO and GTB are driven by their standalone creditworthiness, as expressed by their Viability Ratings (VRs) of ‘b-‘.
Zenith Bank Plc’s Long-Term Issuer Default Rating (IDR) was also affirmed at ‘B-‘ with a Stable Outlook by Fitch Ratings.
The bank’s National Long-Term Rating was affirmed at ‘AA-‘ with a Stable Outlook. Fitch noted that Zenith Bank’s National Long-Term Rating is one of the highest among Nigerian banks, reflecting the bank’s strong franchise and financial profile.
For UBA, the rating agency said the bank’s national long-term rating balances a strong franchise against higher leverage than higher-rated peers.
Source: Ghana Business
