Moody's Investors Service has today placed Nigeria's Ba3 issuer ratings on review for downgrade.
The purpose of the ratings review is for Moody's to assess the extent of the impact of the further fall in oil prices, which Moody's expects to remain low for several years, on Nigeria's economic performance and government balance sheet in the coming years. As part of the review, Moody's will in particular assess the credibility and sustainability of the government's plans and their ability to mitigate the impact of the lower oil price on Nigeria's credit standing. Moody's will aim to conclude its review within two months.
