LAGOS — Two international rating agencies, Standard & Poor’s and Moody, yesterday, upgraded Nigeria’s credit rating because of improved financial stability and optimism over reforms to the banking and electricity sectors.
Moody upgraded Nigeria rating assigning local and foreign currency issuer ratings of Ba3 to the government. Standard and Poor ratings raised its long-term foreign and local currency sovereign credit rating to BB- with a stable outlook. This is three points below investment grade, from B+. This brings its view in line with Fitch’s rating. The three foremost rating agencies in the world have all now agreed that Nigeria is managing its resources better than before.