trending Market Intelligence /marketintelligence/en/news-insights/trending/-ztv-ZRg0ZLwhCoBiFiHxA2 content esgSubNav
In This List

Moody's cuts Nigeria's long-term ratings

Video

S&P Capital IQ Pro | Powering Your Edge

Podcast

Street Talk Episode 81: Amid strong recovery, Banc of California hearing more M&A chatter

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Moody's cuts Nigeria's long-term ratings

Moody's on April 29 lowered Nigeria's long-term issuerratings to B1 from Ba3, with a stable outlook, concluding a review fordowngrade that the agency launched in March.

The factors that prompted the downgrade include heightenedexternal vulnerability caused by the possibility of lower-for-longer oil pricesand an increased interest burden over the next two years while the governmentboosts its tax receipts from non-oil sectors.

Moody's said the outlook reflects the fact that thecountry's credit fundamentals will continue to compare favorably with otherstates at the B1 level despite the likelihood that its credit metrics willfurther deteriorate due to the oil price slump.

The agency also downgraded Nigeria's long-termforeign-currency bond ceiling to Ba3 from Ba2; its long-term foreign-currencydeposit ceiling to B2 from B1; and the long-term local-currency bond anddeposit ceilings to Ba1 from Baa3.