Global rating agency, Moody’s Investors Services has assigned national scale ratings, NSRs to Sterling Bank Plc and six other Nigerian banks.
According to a statement from Moody’s, the rating follows the publication of new national scale rating maps for Nigeria, Kenya and Morocco, which provide a measure of relative creditworthiness within a single country; and are derived from global scale ratings using country-specific maps.
It assigned A1.ng/NG-1 national scale local currency deposit ratings to Sterling Bank. These ratings were underpinned by a standalone baseline credit assessment (BCA) of b3 and one notch of government support uplift, which results in a global scale long-term issuer and deposit rating of B2.
Moody’s also assigned A2.ng/NG-1 national scale foreign currency deposit ratings to Sterling Bank. According to Moody’s, “the A1.ng rating is the second highest of three national scale ratings categories corresponding to the bank’s local currency deposit global scale ratings.
Other banks that national scale local currency deposit ratings were assigned to included Zenith Bank Plc, Guaranty Trust Bank Plc (GTBank), Access Bank Plc, United Bank for Africa Plc (UBA), First Bank of Nigeria Limited and the Bank of Industry (BOI).
