Nigeria's 'B' rating is supported by the large size of the economy, a low general government debt-to-GDP ratio, amongst other variables.
Fitch Rating reported that the VR benefits from ENG’s company profile strengths of being part of the leading pan-African Ecobank group.
The global rating agency has affirmed the Bank’s Viability Rating (VR) at ‘b-’ and National Long-Term Rating at ‘BBB (nga)’.
Market breadth closed negative as BERGER led 21 Gainers as against 31 Losers topped by UNILEVER.
A total volume of 459.7 million units of shares, valued at N4.30billion exchanged hands in 4,553 deals.
Nigeria has been upgraded by Fitch Ratings in its recent Global Economic Outlook.
The overall market capitalization size gained N119 billion to close today at N14.027 trillion.
The ‘AAA’ rating of the AfDB is driven by extraordinary support it receives from its shareholders.
The Federal Government has been under increasing pressure to reduce its debt and stimulate growth.
Fitch Ratings has revised Guaranty Trust Bank Plc's (GTB) and Zenith Bank Plc's National Long-Term Ratings to 'AA(nga)' and 'AA-(nga)', respectively.