Moody’s Investors Service left Nigeria’s credit ratings unchanged at B2 with a negative outlook, Thursday, opting to hold off on a downgrade to the surprise of some analysts.
The other members of the widely acclaimed “big three”, Standard and Poor’s and Fitch, have slapped Nigeria with downgrades over the past month over the continued decline in crude oil prices which could see Africa’s largest oil producer lose more than a third of its revenues this year and the impact of the coronavirus pandemic on economic growth. Sovereign credit rating downgrades increase the cost of borrowing not only for the government but for corporates…
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