Moody’s changes Nigeria view to positive

Moody’s Investors Service said it changed its outlook for Nigeria to positive from stable and affirmed its Caa1 long-term foreign-currency and local-currency issuer ratings, and foreign-currency senior unsecured debt ratings. The agency also affirmed Nigeria's foreign-currency senior unsecured medium-term note program rating at (P)Caa1.

“The positive outlook reflects the possible reversal of the deterioration in Nigeria's fiscal and external position as a result of the authorities' reform efforts. The unification of foreign exchange windows and devaluations of the naira represent first steps to addressing the country's foreign exchange shortages and support its external rebalancing.

“Moreover, the government has removed the largest part of the oil subsidy, a long-standing and often postponed reform. These policy changes, and those potentially to come, have raised the prospects of a fiscal and external improvement in the country's credit profile,” Moody’s said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.