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Moody's revises outlook on First Bank of Nigeria

Moody's on Oct. 16 affirmed the long-term foreign- and local-currency bank deposit ratings of First Bank of Nigeria Ltd. at B3 and B2, respectively, and revised the outlook on the ratings to stable from negative.

The rating agency also took the same actions on the Lagos-based bank's B2 long-term local- and foreign-currency issuer ratings.

Also affirmed were the bank's Not Prime short-term foreign- and local-currency bank deposit and issuer ratings, "b3" baseline and adjusted baseline credit assessments, B2/NP long- and short-term counterparty risk ratings and B2(cr)/NP(cr) long- and short-term counterparty risk assessments, among other ratings.

The outlook revision reflects Moody's opinion that despite the bank's nonperforming loans remaining high, downside risks to asset quality have considerably declined and should slowly decline in the future, the agency said.