Fitch Ratings has maintained Togo-domiciled Ecobank Transnational Inc. (ETI)'s 'B-' Long-term Issuer Default Rating (IDR), 'B' Short- term IDR and 'b-' Viability Rating (VR) on Rating Watch Negative (RWN). The RWN reflects Fitch's view that there are still uncertainties about ETI's capitalisation and asset quality after the acquisition in November 2011 of Nigeria's Oceanic Bank International Plc (Oceanic). Oceanic was one of the banks in Nigeria that had to be supported in 2009 by the central bank of Nigeria (CBN). Although significant efforts have been made since 2009 by the CBN and subsequently ETI to improve the bank's risk profile, there are still uncertainties about Oceanic's asset quality and capitalisation that have to be addressed by ETI. Nigeria is already ETI's largest market (27% of ETI's total assets at end-Q311) and with Oceanic it may account for an estimated 44% of the group's total assets. The RWN is pending the completion of all transactions related to Oceanic's acquisition announced in September 2011, the availability of robust information on the merged Ecobank Nigeria and Oceanic entity and ETI's 2011 consolidated audited financial statements.