It said the upgrade of BoI’s Long-Term National Rating of ‘AAA’ reflects the linkage between the bank and the sovereign has strengthened, as evident in the significant size of the CBN guarantees provided for BOI’s recent external funding.
However, Fitch also views the ability of the authorities to support BOI as limited by Nigeria’s ‘B’ Long-Term IDR. “The proceeds of the borrowings are swapped with the CBN, boosting its foreign-exchange reserves and providing BOI with Nigerian naira to support its developmental activities. “It might take BOI substantial time to channel the recently attracted funding to borrowers and as of end-1H21, 48% of BOI’s total assets were kept in liquid government bonds and cash, compared with 20% at end-2019.”
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