Faltering sovereign credit rating hits Nigerian banks – Guardian

The sliding economic numbers of the country, which led to the downgrade of the sovereign rating by Fitch Ratings, have finally visited the banking industry with mixed fortunes.

Specifically, while Fitch downgraded major banks from various credit rating levels in its latest rankings of financial institutions’ ability to attract and repay debts, eight got positive affirmation and upward reviews.

The mixed fortunes for the banks are said to be fallouts of the downgrade of Nigeria’s sovereign ratings on 23 June 2016, a situation that bothers on the macroeconomic challenges of the country.

A half of the banking industry stocks lost values at the resumption of economic activities last Friday, with some remaining stagnant, while only four gained marginally.

Read more at http://guardian.ng/business-services/faltering-sovereign-credit-rating-hits-nigerian-banks/