Nigeria Credit Rating

CREDIT RATINGS • SUMMARY
NIGERIA
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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 - -

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.

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 positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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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

Timetable of Nigeria credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.

Not enough data.

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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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