Finance Minister, Zainab Ahmed is surprised as Moody’s downgrades nine Nigerian banks.
The downgrade of the nine lenders also affected their issuer ratings and the senior unsecured debt ratings.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAccording to PREMUIM TIMES, Nigeria’s Minister of Finance, Zainab Ahmed disagreed with ratings agency Moody’s downgrade of Nigeria’s sovereign rating to Caa1 from B3.Information Guide Nigeria
The minister said, “Moody’s downgrade came as a surprise to us because we had presented all the work that we have been doing to stabilise the economy.
“But these are external rating agencies that don’t have the full understanding of what is happening in our domestic environment.”NYSC portal
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She expressed optimism about S&P’s rating of Nigeria, which will be issued on Friday.
Mrs Ahmed said, “S&P’s assessment is not the same as Moody’s. They have come out with a much better assessment.”
According to a statement issued on Friday, Moody’s in its recent ratings said it has a stable outlook on the country.
On Wednesday, Moody’s Investors Service lowered the long-term deposit ratings of nine Nigerian banks to Caa1 from B3 after a similar action by the global credit agency downgraded Nigeria sovereign rating deeper into the junk territory.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThis downgrade affected their issuer ratings and the senior unsecured debt ratings, both of them reverberations of lowering Nigeria’s sovereign credit ratings into non-investment grade.
Nigeria’s government Eurobonds had been dumped at the fastest rate in three months by investors following the downgrade, pushing the country’s credit spreads close to the distressed territory.JAMB Result
(PREMIUM TIMES)
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