Rating agencies have scaled down their rating of Nigerian banks, unlike the period between 2005 and 2009 when several rating agencies were over themselves in rating the banks. Global rating agencies like Standard and Poor's (S&P), Global Credit Rating Co. (GCR), Fitch, and many other local rating firms were in the forefront of rating Nigerian banks. This was at a time when many Nigerian banks were expanding their global reach, as well as raising funds from the local and international capital market.For instance, as at July 2006, nine Nigerian banks were ranked among the top 1,000 banks in the world, in a listing done by The Banker Magazine.

Suspended ratings
Since last year, many of the rating agencies do not have recent rating data on Nigerian banks. Of the lot, only S&P still maintains a rating of the Nigerian banking industry, with its latest rating information released in June. It only just released ratings information on Zenith Bank, First Bank, and Guaranty Trust Bank. The rating agency stated recently that it had suspended the rating of Intercontinental Bank since 1 December, 2009. "The withdrawal is due to a lack of sufficient information from the bank to enable us to maintain surveillance of the ratings," the firm stated, noting that there is a sharp deterioration in Intercontinental Bank Plc's financial condition due to very high levels of non-performing loans.Efforts to speak with Lawrence Ndukwe, manager, corporate communications of the bank, were unsuccessful as he did not pick his calls and did not respond to text messages. (234 next)

Your point?

cdz:

Your point?

L. Sanusi has completed his reform. He must be an undertaker.

dolu2007:

"The withdrawal is due to a lack of sufficient information from the bank to enable us to maintain surveillance of the ratings," the firm stated, noting that there is a sharp deterioration in Intercontinental Bank Plc's financial condition due to very high levels of non-performing loans.

@JustCash
Yeah, because Sanusi was the one that gave out the non-performing loans that are dragging down the financials of intercontinental Bank.

Although they may be justified in their recent actions, the so called "foreign" rating agencies are also mischievous and misleading in their assessment. Lehman brothers were given high ratings till they were on the verge of falling, securitised assets that could be described as the seed of the current financial crises were highly rated and they eventually had problems, even Nigerian banks were rated well by them until sanusi carried or his deformation reformation. They are also after what they will eat and equally seeking continued relevance.

unlike the period between 2005 and 2009 when several rating agencies were over themselves in rating the banks.

They were not falling over themselves, it was the nigerian banks falling over themselves paying huge sums to be rated after their voodoo accounts

when a rating agency said there were only 4 banks in nigeria they were shouting bad belle