Fitch Ratings has revised the outlooks of nine Nigerian banks and two bank holding companies from Stable to Positive, signalling improved prospects for their credit ratings.

The affected financial institutions include Access Bank Plc, Zenith Bank Plc, First HoldCo Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Holding Company Plc and Guaranty Trust Bank Limited.

Others are Fidelity Bank Plc, First City Monument Bank Limited, Wema Bank Plc and the Bank of Industry Limited.

Despite the positive outlook revision, Fitch Ratings has maintained the Long-Term Issuer Default Ratings of all the affected institutions at ‘B’.

The development indicates that the banks’ credit outlooks have improved, although their existing ratings remain unchanged.

A Positive Outlook suggests the possibility of a future rating upgrade if the institutions sustain improvements in their financial positions and other factors influencing their creditworthiness.