S&P Retains Nigeria’s Sovereign Rating at BB-

One of the world’s leading financial and analytical credit rating agencies, Standard & Poor’s (S&P), has retained Nigeria’s sovereign credit rating at BB- with a negative watch.
The new rating signified a slight adjustment by the rating agency, which placed the country on a negative watch following the effects of falling oil prices on the economy as well as political risk. Essentially, the rating agency decided not to downgrade the country although S&P was clear that Nigeria needs to work harder to actualise its recently announced policy response to the current economic challenges. Other oil producing countries including Saudi Arabia have also been put on negative watch, while Kazakhstan, Bahrain and Oman were downgraded. Reacting to the latest rating, the Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Mr. Paul Nwabuikwu, in a statement, said despite the current fiscal challenges, the country continues to perform better than other oil producing countries.

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