Fitch Ratings has revised the Outlook on Nigeria-based Coronation Merchant Bank Limited’s (CMB) Long-Term Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B-‘. Fitch has also affirmed CMB’s Viability Rating (VR) at ‘b-‘ and National Long-Term Rating at ‘BBB (nga)’. A full list of ratings is below. The revision of the Outlook to Stable reflects Fitch’s view of receding near-term risks to the bank’s intrinsic creditworthiness from the economic downturn. In our view, the bank’s Long-Term IDR has sufficient headroom at the ‘B-‘ level to absorb moderate shocks from the difficult operating environment, including heightened intervention and regulatory risks, and resulting risks to its financial profile in 2021.