Fitch Ratings on Dec. 24 revised the outlook on the long-term issuer default ratings of four Nigerian banks — Zenith Bank PLC, United Bank for Africa PLC, Bank of Industry Ltd. and Guaranty Trust Bank PLC — to negative from stable, following a similar action on the sovereign.

Fitch affirmed the four banks' long- and short-term issuer default ratings at B+/B and assessed the lenders' capital and, potentially, asset-quality metrics to be negatively impacted in the event of a sovereign downgrade.

The rating agency affirmed the "b+" viability ratings of Zenith Bank, United Bank For Africa and Guaranty Trust Bank.

Fitch also affirmed the national long- and short-term ratings of Zenith Bank and Guaranty Trust Bank at AA(nga)/F1+(nga), of United Bank for Africa at AA-(nga)/F1+(nga), of Stanbic IBTC Holdings PLC and Stanbic IBTC Bank PLC at AAA(nga)/F1+(nga) and of Bank of Industry at AA+(nga)/F1+(nga).

Simultaneously, Fitch affirmed the 5 support rating of Zenith Bank, United Bank for Africa and Guaranty Trust Bank and also affirmed the rating at 4 for Bank of Industry. The support floor ratings of Zenith Bank, United Bank for Africa and Guaranty Trust Bank were affirmed at No Floor, while that of Bank of Industry was affirmed at B+.

The agency also affirmed Zenith Bank's B+/B long- and short-term senior unsecured debt ratings and United Bank for Africa's B+ long-term senior unsecured debt rating.

Fitch also affirmed Stanbic IBTC Bank's national long- and short-term senior unsecured debt ratings at AAA(nga)/F1+(nga).