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Nigeria | Moody’s downgrades Nigeria’s sovereign issuer rating with a stable outlook
LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has today downgraded Nigeria’s long-term issuer ratings to B1 from Ba3 and has assigned a stable outlook, concluding the review for downgrade initiated on March 4th 2016. The key drivers of today’s rating action are as follows: 1) Increased external vulnerability brought about by the prospect of lower-for-longer oil prices; 2) Execution risk in the transition to a less oil-dependent federal budget, and the implications…
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