S&P lifts Nigeria national scale ratings to ngA/ngA-1

S&P said it raised its long- and short-term national scale ratings on Nigeria to ngA/ngA-1 from ngBBB/ngA-2 and removed the under criteria observation (UCO) designation from the ratings.

S&P’s global scale issuer and issue credit ratings on Nigeria are not affected by the rating action.

“Today's rating action resulted from a recalibration of the Nigeria national scale mapping table, and does not reflect any change in Nigeria's fundamental credit quality or the sovereign's outstanding debt,” S&P said in a news release.

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