As the nation’s capacity to weather the storm remains eroded by deep-seated institutional vulnerabilities and social challenges, the agency now rates the country a level lower at Caa1, sinking Nigeria deeper into its non-investment grade from the country’s previous and worrisome rating of B3.
Moody’s has a stable outlook on the country, a statement issued on Friday said. But the latest rating also reflects the Nigerian government’s long-term foreign-currency and local-currency issuer ratings as well as its foreign currency senior unsecured debt ratings. The firm equally cut the country’s foreign currency senior unsecured MTN program rating to (P)Caa1 from (P)B3.
