Moody's Investors Service (Moody's) recently downgraded to B2 from B1 the long-term local currency deposit and issuer ratings of four tier one Nigerian banks and the of Bank of Industry. Moody's also downgraded to B3 from B2 the long-term foreign currency deposit ratings of four tier one banks and two tier two banks. Tier one banks are the biggest banks in the country in terms of capitalization.