Fitch: Nigerian banks performing well despite hurdles

Fitch Ratings says in a new special report that Nigerian banks are performing well despite the twin hurdles of tight monetary policy actions and new banking rules.”This is mostly supported by continuing robust economic growth. Nevertheless, we expect bank performance and growth to moderate over the next 18 months due to Central Bank of Nigeria actions aimed at protecting the economy and the banking system,” says Mahin Dissanayake, Director in Fitch’s EMEA Financial Institutions team.

The CBN’s stance also shifted towards protecting the consumer through its revised rules on banking charges introduced in 2013. All these moves, however, led to weaker profitability and stemmed credit growth in H114 – a trend that is likely to continue into 2015.

All Fitch-rated Nigerian banks were profitable in

Fitch Rates Nigeria’s Seven Energy ‘B-(EXP)’; Proposed Notes ‘B-(EXP)’

Fitch Ratings has assigned Seven Energy International Limited (Seven Energy) an expected Long-term Issuer Default Rating (IDR) of ‘B-(EXP)’ with a Stable Outlook. The expected IDR takes into account a USD255m equity placement and assumes a successful issue of dollar-denominated notes and repayment of certain existing debt.

Fitch has simultaneously assigned Seven Energy Finance Ltd’s proposed secured notes an expected senior secured rating of ‘B-(EXP)’ and a ‘RR4′ Recovery Rating. The company plans to use proceeds from the notes to refinance some of its existing indebtedness and to improve its capital structure and liquidity. The assignment of a final IDR is subject to the