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Fitch downgrades Nigeria to negative
Global rating agency, Fitch Ratings has revised the outlook on Nigeria’s long-term foreign and local currency issuer default ratings (IDRs) from stable to negative.
Fitch however affirmed Nigeria’s ratings at ‘B+’.
Fitch indicated that the revision reflected tight liquidity and low oil production, which have so far led to Nigeria’s first recession since 1994.
Read also: FITCH DOWNGRADE: FCMB, Diamond Banks, others eye share offers
Fitch noted that gross general government debt increased to an estimated 17 per cent of Gross Domestic Products (GDP) as at end of 2016, as against 13 per cent recorded at end of 2015.
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