Fitch upgrades Fidelity Bank’s issuer default rating

Fitch Ratings has upgraded Fidelity Bank’s long-term Issuer Default Rating (IDR) from “B-” to “B”, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to “A(nga)” from “BBB+(nga)”. According to the global rating agency, the upgrade is a result of the bank’s improving business profile and resilient financial metrics. The […]

Fitch Ratings has upgraded Fidelity Bank’s long-term Issuer Default Rating (IDR) from “B-” to “B”, reflecting the bank’s increased creditworthiness.

The rating agency also upgraded Fidelity’s National Long-Term Rating to “A(nga)” from “BBB+(nga)”.

According to the global rating agency, the upgrade is a result of the bank’s improving business profile and resilient financial metrics. The agency added that the improved rating reflected the bank’s increased creditworthiness relative to other issuers in Nigeria.

The Managing Director/CEO, Fidelity Bank, Nneka Onyeali-Ikpesaid, said, “As a bank, we will continue to execute our growth strategy in a prudent manner that allows us to take advantage of emerging opportunities in our various markets.”