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    Fitch Downgrades 3 Nigerian Banks to 'B', Places All 10 Banks on Negative Watch

    Fitch Ratings has downgraded the three-highest rated banks in Nigeria, Zenith Bank (Zenith), Guaranty Trust Bank (GTB) and United Bank for Africa (UBA), to Long-Term Issuer Default Rating (IDR) 'B' and Viability Rating (VR) 'b'.

    Fitch has also placed the Long-Term IDRs, VRs and National Ratings of all 10 rated Nigerian banks (excluding Stanbic IBTC Holdings (SIBTCH) and Stanbic IBTC Bank (SIBTC) - which are not assigned VRs and IDRs) on Rating Watch Negative (RWN).

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