The United States-based rating firm, Moody’s Investors Service, has downgraded the long-term deposit ratings, issuer ratings, and senior unsecured debt ratings for banks in the country.
The agency said in a statement on Tuesday that it lowered the banks’ ratings from B3 to Caa1.
The affected lenders are Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria plc, Fidelity Bank plc, FCMB (First City Monument Bank) Limited and Sterling Bank Plc.
