S&P Global Ratings affirmed Fidelity Bank Plc’s global scale issuer credit ratings at 'B-/B'. The agency revised the bank's outlook to positive from stable.
This action follows the recent upgrade of Nigeria's sovereign rating to 'B' from 'B-'. S&P also raised Fidelity Bank’s long-term Nigeria national scale rating to 'ngBBB+' from 'ngBBB'.
The agency expects ongoing reforms to gradually strengthen Nigeria's growth prospects. S&P forecasts that the Nigerian financial sector will remain profitable.
Most banks are now compliant with the Central Bank of Nigeria's new paid-up capital requirements. Recent successful capital raises have improved the overall capitalization of the banking sector.