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Nigeria- International rating agency Fitch has cut Nigeria's credit-rating outlook to negative, following the continued drop in oil prices and political anxiety. The Nation reports:
Nigeria’s credit-rating outlook was cut to negative by Fitch Ratings, which cited falling oil prices and rising political risks amid tightlycontested presidential and legislative elections in Africa’s largest economy.
Fitch affirmed Nigeria’s BB- rating, three steps below investment grade. Standard & Poor’s lowered Nigeria one level to B+, four rungs below investment grade, on March 20. Voting opened on Saturday against the backdrop of a six-year insurgency waged by the Islamist militant group, Boko Haram, and was extended for a second day at about 300 of the more than 100,000 polling points where officials arrived late or equipment failed.
Fitch said in a statement: “Political uncertainty is heightened in the context of a tightly contested presidential election and potential transition issues.
“Fiscal and external buffers have been eroded significantly as Nigeria enters a period of lower oil prices.”
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#Nigeria #Fitch
Nigeria’s credit-rating outlook was cut to negative by Fitch Ratings, which cited falling oil prices and rising political risks amid tightlycontested presidential and legislative elections in Africa’s largest economy.
Fitch affirmed Nigeria’s BB- rating, three steps below investment grade. Standard & Poor’s lowered Nigeria one level to B+, four rungs below investment grade, on March 20. Voting opened on Saturday against the backdrop of a six-year insurgency waged by the Islamist militant group, Boko Haram, and was extended for a second day at about 300 of the more than 100,000 polling points where officials arrived late or equipment failed.
Fitch said in a statement: “Political uncertainty is heightened in the context of a tightly contested presidential election and potential transition issues.
“Fiscal and external buffers have been eroded significantly as Nigeria enters a period of lower oil prices.”
click here to read more
#Nigeria #Fitch
