DBN gets positive ‘AAA’ rating from agency

Global Credit Ratings (GCR), one of the leading rating agencies in Africa, has assigned the Development Bank of Nigeria a “AAA” Long Term National Scale rating. GCR stated this on its website.

The conferment, which is the highest rating for financial institutions, is in line with the “risk-free” rating of the Nigerian Sovereign and attests to DBN’s strong fundamentals and credibility.

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Managing Director/CEO, Development Bank of Nigeria, Mr. Tony Okpanachi expressed satisfaction with the development saying: “We are pleased with this debut rating of “AAA”, with a stable outlook, from GCR, one of the foremost rating agencies in Africa.”

Also reacting, DBN’s Executive Director, Finance/Corporate Services, Mrs. Ijeoma Ozulumba said, “This credit rating reflects the strong credibility of the bank, as we continue to preserve our strong fundamentals.

“The stable outlook reflects our expectation that DBN will maintain strong capitalization and liquidity metrics over the next 12-18 months.”