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    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

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    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    BREAKING: CBN extends deadline for old naira notes

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

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    How Osun state governor, Adeleke was sacked by tribunal

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    Adeleke reacts to his removal as Osun state governor

    Adeleke reacts to his removal as Osun state governor

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

    JUST IN: Tribunal annuls Adeleke’s election, declares Oyetola Osun gov

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    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

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    Law to legalize crypto as a payment method passed in Brazil

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    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
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    • Economic Data
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    • All
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    • Cryptocurrencies
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    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

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    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

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    DMO offers N360 bn FGN Bonds for subscription in January

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    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    Cadbury Nigeria Plc’s profit more than doubled in 2022 amid revenue growth

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    Unilever Nigeria Plc grows profit by 75.8% in FY 2022

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    Dangote Cement Plc appoints Arvind Pathak as new GMD

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    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

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    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

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    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    37 years between the Buhari regimes… Economic lamentations remain the same

    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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Over 60% of Global Bank Rating Outlooks Are Negative – Fitch Ratings

Tuesday, 11 August 2020, 8:35 am
in News, World
0
Over 60% of Global Bank Rating Outlooks Are Negative – Fitch Ratings
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As the world grapple with Covid-19 pandemic and its grilling economic impact, Fitch Ratings’ new interactive country-by-country map of bank rating trends shows that the balance of Outlooks globally has turned sharply negative since the start of the pandemic.

The proportion of bank ratings on Negative Outlook or Rating Watch Negative (RWN) jumped to over 60% at end H1 2020 from 13% at end-2019, according to Fitch Ratings. The percentage of banks on RWN was the highest in recent years, reflecting near-term risks to many banks’ ratings. There were virtually no ratings on Positive Outlook or Rating Watch Positive.

According to Fitch report, the proportion of Negative Outlook is lower in emerging markets at 54% compared to 73% in developed markets. However, Latin America’s (emerging market) has a 87% ratings on Negative Outlook at the end of H1 2020, a massive increase from 31% recorded at the end of 2019, due to deteriorating operating environments and sovereign rating actions.

Have you read?

  • Gold could surge more than 90% and hit $4,000 – Analysts
  • Fitch Revises United States’ Outlook to Negative; Affirms at AAA

Developed markets in Europe has the second-highest proportion of Negative Outlooks at 22%, according to Fitch. European banks has been battling with profitability, pre-pandemic, which are “likely exacerbated by the economic fallout from the pandemic, many of these banks entered the crisis with limited headroom at their rating level.”

The lowest proportion of banks on Negative Outlook were found in Asia-Pacific (27%). This is because Fitch Ratings takes into account the greater prevalence of external support – mostly sovereign support that would be forthcoming, if needed.

Globally,109 banks were downgraded with only nine upgraded in H1 2020. Downgrades were recorded mostly in emerging markets in

  • The Americas – 34
  • European developed markets – 25
  • Middle East and Africa – 21
  • Nigeria – 3

It is important to that the Fitch report did not specially talk about state of banks in Africa. Although it pointed out that about 20% of bank downgrades were in Emerging Markets in Middle East and Africa

Fitch placed 10 Negative Outlook/Negative Watch on Nigerian banks during the first half of the year, three out of the ten was as a result of downgrade.

Written by

Ifunanya Ikueze

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