On Monday, November 21, 2022, Fitch Ratings downgraded the long-term issuer default (IDR) ratings of seven Nigerian banks and two bank holding companies (BHCs). These grades have been changed from “B” to “B-” as the outlook is stable. Access Bank PLC, Zenith Bank PLC, FBN Holdings PLC, First Bank Of Nigeria Ltd, United Bank of Africa (UBA), GTCO, Guaranty Trust Bank Limited, and Fidelity Bank are among others banks whose ratings have been revised.