Moody's Upgrades Nigeria's Rating to B3
Moody's Global Ratings has upgraded Nigeria's credit rating from Caa1 to B3, citing improvements in the country's external and fiscal positions. The agency observed a reduction in inflationary risks due to recent policy changes, with signs of easing in inflation and domestic borrowing costs. Moody's outlook for Nigeria has been revised from positive to stable, anticipating continued progress, although at a slower pace if oil prices decline. In comparison, Standard & Poor's rating for Nigeria remains at B- with a stable outlook.
Moody's Global Ratings upgraded Nigeria’s credit rating to B3 from Caa1, citing significant improvements in the country’s external and fiscal positions.
The agency noted that inflationary risks in Nigeria, driven by recent policy shifts, have diminished.
Inflation and domestic borrowing costs are showing early signs of easing, bolstering confidence in the stability of these policy changes.
At the same time, Moody’s revised Nigeria’s outlook from positive to stable, as it expects progress on the external and fiscal fronts to continue, albeit at a slower pace if oil prices decline.
Standard & Poor's credit rating for Nigeria stands at B-, with a stable outlook.