Moody’s Report Downgrades Nigeria’s Credit Rating To Negative

Moody’s Investors Service, one of the global credit rating agencies, in its most recent report, changed its outlook on Nigeria’s credit ratings from stable to negative.

According to the rating agency, the negative outlook reflected Moody’s view of increasing risks to the government’s fiscal strength and external position.

Moody’s Investors Service says that Nigeria’s weak operating environment posed a challenge to the banking sector.

The banks are Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Plc, Union Bank of Nigeria Plc, Fidelity Bank Plc, FCMB (First City Monument Bank) Limited and Sterling Bank Plc.

Moody stated: “The rating action follows Moody’s decision to affirm Nigerian government’s long-term issuer ratings of B2 and change its outlook to negative from stable on 04 December 2019.”