First Bank of Nigeria Limited has been assigned a “Bbb+” rating by Agusto & Co. This rating expires 30 June 2017.
The rating assigned to First Bank of Nigeria Limited (‘FirstBank’ or the ‘Bank’) reflects the Bank’s industry position, experienced management team, good liquidity and adequate capitalisation. The rating has been downgraded due to FirstBank’s weak asset quality which has adversely impacted profitability in the short term. Our rating also reflects the weaknesses in the Bank’s risk management framework which continues to rear itself in recurring cycles of high delinquency ratios.
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.
This rating release is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit given to Agusto & Co.