Fitch Ratings has upgraded First Bank of Nigeria’s (FBN) subordinated notes to ‘CCC+’/’RR5’ from ‘CCC’/’RR5’ and also removed the bank from Rating Watch Positive (RWP). The notes were issued through FBN Finance Company BV, a special purpose vehicle that was created to provide funding for the bank. FBN’s other ratings are unaffected. According to the […]
