Moody's assigns first-time ratings to three mid-tier Nigerian banks
Moody's Investors Service has assigned first-time long term global scale local-currency bank deposit and issuer ratings of B2 to First City Monument Bank Limited (NGSE:FCMB) and Fidelity Bank Plc (NGSE:FIDELITYBK), and long term B3 global scale local-currency bank deposit and issuer ratings to Diamond Bank Plc (NGSE:DIAMONDBNK). The three mid-tier Nigerian banks account for approximately 12% of the country's banking assets. Moody's also assigned local currency bank deposit national scale ratings (NSRs) of A2.ng to FCMB and Fidelity and A3.ng to Diamond. A full list of the banks' ratings is at the end of this press release.