S&P downgrades Diamond Bank to CCC+/C’

S&P downgrades Diamond Bank to CCC+/C’

Global credit rating agency, S&P Global Ratings said it has lowered its long- and short-term issuer credit ratings on Nigeria-based Diamond Bank Plc. to ‘CCC+/C’ from ‘B-/B’.

S&P said it also gave a negative outlook to the bank’s credit rating.

In addition, the rating agency said it also lowered its long- and short-term Nigeria national scale ratings on the bank to ‘ngBB-/ngB’ from ‘ngBBB-/ngA-3.

Diamond Bank is a seciond tier lender in Africa’s largest economy that is struggling to get its capital adequacy levels within regulatory limits.

There were unconfirmed reports that the bank ‘received an offer for an investment that would boost its capital adequacy ratio’. Diamond Bank has not confirmed nor deny the report.