S&P affirms B-/B rating with stable outlook for Ecobank group

Banking
Monday, 07 October 2019 17:21
S&P affirms B-/B rating with stable outlook for Ecobank group

(Togo First) - Standard & Poors has affirmed its B-/B long and short-term issuer credit ratings on Lomé-based Ecobank Transnational Incorporated (ETI) with a stable outlook. The rating agency issued a B/B ratings to the group's Nigerian subsidiary with a stable outlook as well. 

According to S&P, the rating takes into account the group's strong presence in Africa, paired with efforts of its new management to tackle issues impairing the quality of its assets and financial performances. 

"We think its unique pan-African franchise has attracted a stable base of institutional investors, including Nedbank, Qatar National Bank and South Africa-based Public Investment Corporation, which have positively affected the group's corporate governance and risk management," S&P stated in its report.

According to the agency's forecast, loans by the group should rise over the new twelve months while risk-related costs are expected to reduce, thus translating into better profits. ETI operates in more than 30 African countries. 

Ayi Renaud Dossavi

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