Fitch Ratings changed its outlook on Nigeria's "B+" rating to stable from negative on November 2nd 2018, citing the ongoing economic recovery and reduced external vulnerabilities, both driven by increased oil production and higher global oil prices. Fitch said that the contribution of the oil sector has been positive in 1H18 and the average production is expected to remain around 2.1 mbpd through 2018 and 1H19. The GDP growth is seen at 2.0% in 2018, rising to 2.5% in 2019 and 3.3% in 2020. Political uncertainty ahead of the general election scheduled for February 2019 may lead to some weakening in growth, but only temporary. Oil production should rise as new exploration and oil infrastructure projects begin to come online, but Nigeria will struggle to lift production to the levels envisaged in the 2019-2021 Medium Term Expenditure Framework (MTEF). Standard & Poor's credit rating for Nigeria stands at B with stable outlook. Moody's credit rating stands at B2 with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Nigeria thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Nigeria as reported by major credit rating agencies.



AgencyRatingOutlookDate
TE31 Stable Nov 02 2018
TE31 Stable Nov 02 2018
FitchB+ Stable Nov 02 2018
TE33 Stable Nov 07 2017
Moody'sB2 Stable Nov 07 2017
TE33 Stable Nov 07 2017
FitchB+ Negative Jan 25 2017
TE33 Stable Jan 25 2017
TE33 Stable Jan 25 2017
TE35 Negative Sep 16 2016
TE35 Negative Sep 16 2016
S&PB Stable Sep 16 2016
FitchB+ Stable Jun 23 2016
TE36 Negative Jun 23 2016
TE36 Negative Jun 23 2016
TE38 Negative Apr 29 2016
TE38 Negative Apr 29 2016
Moody'sB1 Stable Apr 29 2016
TE38 Negative Apr 16 2016
TE38 Negative Apr 16 2016
TE28 Stable Apr 16 2016
S&PB+ Negative Mar 18 2016
TE38 Stable Mar 18 2016
TE38 Stable Mar 18 2016
TE38 Stable Mar 04 2016
TE38 Stable Mar 04 2016
Moody'sBa3 Negative Watch Mar 04 2016
FitchBB- Negative Mar 30 2015
TE38 Stable Mar 30 2015
TE38 Stable Mar 30 2015
TE40 Negative Watch Mar 20 2015
TE40 Negative Watch Mar 20 2015
S&PB+ Stable Mar 20 2015
S&PBB- Negative Watch Feb 10 2015
TE40 Negative Feb 10 2015
TE40 Negative Feb 10 2015
TE40 Negative Apr 22 2014
TE40 Negative Apr 22 2014
TE40 Negative Watch Mar 27 2014
TE40 Negative Watch Mar 27 2014
S&PBB- Negative Mar 27 2014
S&PBB- Negative Watch Mar 21 2014
TE40 Stable Mar 21 2014
TE40 Stable Mar 21 2014
TE40 Stable Oct 15 2013
TE40 Stable Oct 15 2013
TE40 Stable Jul 18 2013
TE40 Stable Jul 18 2013
TE40 Stable Jun 10 2013
TE40 Stable Jun 10 2013
TE37 Positive Nov 07 2012
Moody'sBa3 Stable Nov 07 2012
S&PBB- Stable Nov 07 2012
TE37 Positive Nov 07 2012
TE37 Stable Dec 29 2011
S&PB+ Positive Dec 29 2011
TE37 Stable Dec 29 2011
TE37 Stable Nov 28 2011
TE37 Stable Nov 28 2011
TE37 Stable Nov 21 2011
FitchBB- Stable Nov 21 2011
TE37 Stable Nov 21 2011
TE37 Stable Oct 21 2011
FitchBB- Stable Oct 21 2011
TE37 Stable Oct 21 2011
TE37 Stable Aug 05 2011
TE37 Stable Aug 05 2011
TE37 Stable Aug 02 2011
TE37 Stable Aug 02 2011
TE37 Stable Jul 14 2011
TE37 Stable Jul 14 2011
TE37 Stable Jul 13 2011
TE37 Stable Jul 13 2011
TE37 Stable Apr 18 2011
TE37 Stable Apr 18 2011
FitchBB- Negative Oct 22 2010
TE37 Stable Oct 22 2010
TE37 Stable Oct 22 2010
TE40 Negative Aug 21 2009
TE40 Negative Aug 21 2009
S&PB+ Stable Aug 21 2009
S&PBB- Negative Mar 27 2009
TE40 Stable Mar 27 2009
TE40 Stable Mar 27 2009
S&PBB- Stable Feb 06 2006
TE40 Stable Feb 06 2006
TE40 Stable Feb 06 2006
FitchBB- Stable Jan 30 2006


 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 60
B- B3 B 28
B B2 B B 31
B1 B+ 35
BBB+ BBB- 60
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 50
BB+ Baa3 52
B+ B2 BB- 36
BB- Ba3 BB- 40
SD Caa3 15
B B3 B 26
AA Aa3 AA- AA (high) 88
B- B3 20
B+ N/A 30
A+ A2 N/A 78
BB- Ba3 BB- 41
B B3 28
A- A2 72
BB- Ba2 BB- BB (low) 42
BBB- Baa2 BBB 58
B 25
N/A B2 30
B B2 B 30
AAA Aaa AAA AAA 99
B B 30
Aa3 85
A+ A1 A N/A 80
A+ A1 A+ A (high) 81
BBB- Baa2 BBB BBB 58
CCC+ B3 22
BB- Ba2 BB 43
BB+ Ba2 BB+ 48
Caa2 15
BBB- Ba2 BBB- BB 48
AA- A1 AA- 81
AAA Aaa AAA AAA 100
BB- Ba3 BB- 38
B- B3 B- 26
B B3 B 28
CCC+ B3 B- 21
AA- A1 AA- AA (low) 81
B B1 B 31
AA Aaa AAA AAA 98
B+ Ba3 35
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AAA 92
N/A Caa1 B 26
BB- Ba2 BB- 41
AAA Aaa AAA AAA 100
B B3 B 26
B+ B3 BB- B (high) 30
SD
BB- Ba1 BB 46
BB- B1 35
AA+ Aa2 AA+ 95
BBB- Baa3 BBB- 55
A A3 A 73
BBB- Baa2 BBB- BBB 56
BBB- Baa2 BBB 56
B- Caa1 B- 25
A+ A2 A+ A (high) 76
N/A Aa2 92
AA- A1 A+ 80
BBB Baa3 BBB BBB (high) 62
Ba3 B+ 38
B B3 B 28
A+ A1 A A 77
B+ B1 37
BBB- Baa3 BBB 56
B+ B2 B+ 35
AA Aa2 AA 90
NR B2 30
A A3 A- A (low) 70
B- B3 B- 28
B+ 35
AAA 100
A A3 A- A (low) 71
AAA Aaa AAA AAA 100
Aa3 AA 85
BB- BB 42
A- A3 A- 70
B2 B+ 32
A- A3 A+ A (high) 73
Baa1 65
BBB+ A3 BBB+ BBB (high) 65
B3 25
B B3 B 26
B+ B1 35
BBB- 55
BBB- Ba1 BBB- 53
SD Caa3 RD 12
Ba1 BB+ 52
AAA Aaa AAA AAA 100
AA Aaa AA 93
B- B2 B 30
B B2 B+ 31
AAA Aaa AAA AAA 99
BB Baa3 BBB- 53
B B3 B 28
BBB Baa2 BBB 60
B B2 32
BB Ba1 BB 46
BBB+ A3 BBB+ N/A 65
BBB Baa2 BBB 60
A- A2 A- A 71
BBB- Baa3 BBB BBB 56
D 0
AA- Aa3 AA- 85
B- Caa2 CC 23
BBB- Baa3 BBB- 55
BBB- Ba1 BBB- 51
B B2 B+ 31
BBB- 55
A- A1 A+ 78
B+ Ba3 37
BB Ba3 BB 38
BB- 40
AAA Aaa AAA AAA 98
A+ A2 A+ A (high) 78
A+ Baa1 A- A 72
B3 25
BB Baa3 BB+ 50
AA Aa2 AA- 86
A- Baa1 A- A 68
B+ B1 B+ 35
B3 25
B B2 B- 28
B2
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 83
B- B3
B1
BBB+ Baa1 BBB+ 65
BBB+ Ba1 57
N/A B2 B+ 35
B+ Ba3 BB BB (high) 43
B B2 B+ 33
B- Caa2 B- 20
AA Aa2 AA 90
AA Aa2 AA AAA 93
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
SD C RD 12
BB- Ba3 BB 40
B- Caa1 B- 34


Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com


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Nigeria - Credit Rating