Nigeria: Sovereign credit ratings

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Sovereign credit ratings in Nigeria: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch B- Positive 5/2024
Moody's Caa3 Stable 2/2024
Moody's Caa1 Positive 12/2023
Fitch B- Stable 11/2023
Fitch B- Stable 5/2023
Moody's Caa1 Stable 2/2023
Moody's B3 Under Review 11/2022
Fitch B- Stable 11/2022
Fitch B Stable 3/2022
Moody's B2 Stable 11/2021
Fitch B Stable 3/2021
Fitch B Stable 9/2020
Moody's B2 Negative 4/2020
Moody's B2 Negative 4/2020
Fitch B Negative 4/2020
Fitch B Negative 4/2020
Standard & Poor's B- Stable 3/2020
Standard & Poor's B- Stable 3/2020
Standard & Poor's B Negative 2/2020
Moody's B3 Negative 12/2019
Fitch B+ Negative 12/2019
Fitch B+ Stable 6/2019
Fitch B+ Negative 5/2018
Moody's B2 Stable 11/2017
Fitch B+ Negative 8/2017
Fitch B+ Negative 1/2017
Moody's B1 Stable 12/2016
Standard & Poor's B Stable 9/2016
Fitch B+ Stable 7/2016
Fitch B+ Stable 6/2016
Moody's B1 Stable 4/2016
Standard & Poor's B+ Negative 3/2016
Moody's Ba3 Negative watch 3/2016
Moody's Ba3 Stable 12/2015
Fitch BB- Negative 9/2015
Standard & Poor's B+ Stable 3/2015
Standard & Poor's BB- Negative watch 2/2015
Fitch BB- Stable 10/2014
Fitch BB- Stable 4/2014
Standard & Poor's BB- Negative 3/2014
Standard & Poor's BB- Negative watch 3/2014
Fitch BB- Stable 10/2013
Fitch BB- Stable 7/2013
Standard & Poor's BB- Stable 11/2012
Moody's Ba3 Stable 11/2012
Fitch BB- Stable 10/2012
Fitch BB- Stable 2/2012
Standard & Poor's B+ Positive 12/2011
Fitch BB- Negative 1/2011
Fitch BB- Negative 10/2010
Standard & Poor's B+ Stable 8/2009
Standard & Poor's BB- Negative 3/2009
Fitch BB- Stable 5/2008
Standard & Poor's BB- Stable 2/2006
Fitch BB- Stable 1/2006

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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