Fitch has revised the SRFs to 'B' from 'B+' for the systemically important banks, FBN, UBA, Zenith and GTB following the downgrade of Nigeria's sovereign ratings. As a result, both FBN's and UBA's IDRs have been downgraded to 'B' from 'B+'. The IDRs of both Zenith and GTB are affirmed at 'B+' and are now driven by their respective VRs of 'b+'.

The systemically important banks' SRFs remain a notch below the sovereign rating, reflecting the sovereign's weak foreign currency position. Fitch believes that the willingness of the Nigerian authorities to support domestic banks continues to be high (as demonstrated in the past). However, the state's ability to provide support, particularly in foreign currency, is weaker due to falling oil prices eroding Nigeria's foreign exchange reserves and foreign currency revenues......

Culled from https://www.fitchratings.com/site/pressrelease?id=1008727