Fitch cuts First Bank of Nigeria to D/E

Fitch Ratings said it downgraded First Bank of Nigeria plc's individual rating to D/E from D and affirmed its long-term issuer default rating of B+, short-term issuer default rating of B, national long-term rating at A+(nga) and short-term rating of F1(nga).

The outlook remains stable.

The downgrade reflects a significant deterioration in asset quality during 2009 and until the end of September 2009 and increasing levels of concentrated credit risk while the level of tier 1 capital has continued to decline, Fitch said.

The agency said it is concerned by continued rapid credit growth, particularly in the context of an increasingly challenging operating environment.

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