Nigeria: Moody's Downgrades Country's Bond Rating, Govt Disagrees

9 November 2017

Ratings agency Moody's has cut Nigeria's long-term foreign-currency bond to B1 from Ba3 and kept its outlook stable, saying Nigerian efforts to broaden non-oil revenue had been unsuccessful.

The latest B2 rating is equivalent to Nigeria's existing B/Stable Outlook rating from S&P and slightly lower than Nigeria's B+/Negative Outlook rating from Fitch.

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