Fitch downgrades three Ghanaian banks’ VRs to ‘CCC’ on Sovereign Downgrade

Fitch Ratings has downgraded Ecobank Ghana Limited’s, Guaranty Trust Bank (Ghana) Limited’s (GTB Ghana) and United Bank for Africa (Ghana) Limited’s (UBA Ghana) Viability Ratings (VRs) to ‘ccc’ from ‘b-‘.

Fitch has affirmed the Shareholder Support Ratings (SSRs) of Ecobank Ghana at ‘ccc+’ and of GTB Ghana and UBA Ghana at ‘b-‘.

The Long-Term Issuer Default Rating (IDR) of Ecobank Ghana has therefore been downgraded to ‘CCC+ from ‘B-‘ while those of GTB Ghana and UBA Ghana have been affirmed at ‘B-‘. The Outlook on the Long-Term IDRs is Stable.

The rating actions follow the downgrade of Ghana’s Long-Term IDR to ‘CCC’ from ‘B-‘ on 10 August 2022.

Fitch has simultaneously withdrawn Ecobank Ghana’s ratings for commercial reasons and will no longer provide ratings and analytical coverage for Ecobank Ghana.