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Fitch has simultaneously withdrawn Ecobank Ghana’s ratings for commercial reasons and will no longer provide ratings and analytical coverage for Ecobank Ghana.