Current Nigeria credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Nigeria ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Nigeria, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current Nigeria credit ratings, according to the main rating agencies.
| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | B- | - | 7 Aug 2023 | outlook upgrade |
| Moody's Investors Service | Caa1 | positive | 11 Dec 2023 | outlook upgrade |
| Fitch Ratings | B- | - | 16 Nov 2022 | rating downgrade |
| DBRS | - | - |
Nigeria: Long-term Rating Scales Comparison
Nigeria long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Nigeria sovereign debt. These scales help investors understand the likelihood that Nigeria will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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Nigeria Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 11 Dec 2023 | Caa1 | |||
| 7 Aug 2023 | B- | |||
| 6 Feb 2023 | B- | |||
| 30 Jan 2023 | Caa1 | |||
| 16 Nov 2022 | B- | |||
| 24 Oct 2022 | B3 | |||
| 30 Nov 2021 | B2 | |||
| 1 Oct 2020 | B | |||
| 6 Apr 2020 | B | |||
| 27 Mar 2020 | B- | |||
| 29 Feb 2020 | B | |||
| 19 Dec 2019 | B+ | |||
| 5 Dec 2019 | B2 | |||
| 5 Nov 2018 | B+ | |||
| 7 Nov 2017 | B2 | |||
| 25 Jan 2017 | B+ | |||
| 16 Sep 2016 | B | |||
| 23 Jun 2016 | B+ | |||
| 29 Apr 2016 | B1 | |||
| 18 Mar 2016 | B+ | |||
| 4 Mar 2016 | Ba3 | |||
| 30 Mar 2015 | BB- | |||
| 20 Mar 2015 | B+ | |||
| 21 Mar 2014 | BB- | |||
| 7 Nov 2012 | BB- | Ba3 | ||
| 29 Dec 2011 | B+ | |||
| 21 Oct 2011 | BB- | |||
| 22 Oct 2010 | BB- | |||
| 21 Aug 2009 | B+ | |||
| 27 Mar 2009 | BB- | |||
| 6 Feb 2006 | BB- | |||
| 30 Jan 2006 | BB- |
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