TEXT-S&P cuts Nigeria's First City Monument Bank rating

May 22 - Overview -- First City Monument Bank (FCMB) has a history of volatile loan losses, which reached higher levels than anticipated in 2011. -- We have therefore revised down our view of its risk position to "moderate" from "adequate". -- We are lowering our long-term counterparty credit rating on FCMB to 'B' from 'B+' and affirming the 'B' short-term rating. At the same time, we are removing the long-term rating from CreditWatch, where it was placed with negativ
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Added May 22, 2012
from Reuters Nigeria