"Similarly, the National Long-Term Rating has been upgraded to 'BBB(nga)' from 'BBB-(nga)', reflecting the bank's increased creditworthiness relative to that of other issuers in
The Issuer default ratings of Wema are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of 'b-', "the bank said in a statement.
"The VR reflects the concentration of the bank's activities within
The Stable Outlook, it added, reflects Fitch's view that risks to Wema's credit profile are captured by the current rating, with sufficient headroom under it's base case to absorb the fallout from operating-environment pressures.
"Operating conditions in
"Nevertheless, Fitch said downside risks linger generally, given inherently volatile market conditions, with banks still exposed to foreign currency (FC) shortages, potential further currency devaluation, rising inflation and regulatory intervention by the
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