{"id":16481,"date":"2012-11-07T20:39:30","date_gmt":"2012-11-07T18:39:30","guid":{"rendered":"http:\/\/www.myza.co.za\/11\/update-2-nigeria-wins-ratings-upgrade-for-tight-fiscal-policy\/"},"modified":"2012-11-07T20:39:30","modified_gmt":"2012-11-07T18:39:30","slug":"update-2-nigeria-wins-ratings-upgrade-for-tight-fiscal-policy","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-nigeria-wins-ratings-upgrade-for-tight-fiscal-policy\/","title":{"rendered":"UPDATE 2-Nigeria wins ratings upgrade for tight fiscal policy"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* SP now in line with Fitch, Moody&#8217;s assigns Nigeria rating<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Forex reserves higher on oil prices, scrapped subsidy<\/p>\n<p><span><\/span><\/p>\n<p>* Political tensions, insecurity main risks to ratings<\/p>\n<p><span><\/span><\/p>\n<p>By Joe Brock<\/p>\n<p><span><\/span><\/p>\n<p>ABUJA, Nov 7 (Reuters) &#8211; Standard  Poor&#8217;s upgraded<br \/>\nNigeria&#8217;s credit rating on Wednesday because of improved<br \/>\nfinancial stability and optimism over reforms to the banking and<br \/>\nelectricity sectors.<\/p>\n<p><span><\/span><\/p>\n<p>Nigeria is among the world&#8217;s top 10 crude oil exporters and<br \/>\na key supplier to the United States, China and India. It is<br \/>\nAfrica&#8217;s second-largest economy after South Africa.<\/p>\n<p><span><\/span><\/p>\n<p>GDP growth is projected at around 6.5 percent this year,<br \/>\ndown from 7.4 last year due to the impact of insecurity and the<br \/>\neconomic slowdown in countries importing Nigeria&#8217;s oil.<\/p>\n<p><span><\/span><\/p>\n<p>The ratings agency raised its long-term foreign and local<br \/>\ncurrency sovereign credit rating to BB- with a stable outlook,<br \/>\nthree notches below investment grade, from B+. This brings its<br \/>\nview in line with Fitch&#8217;s rating.<\/p>\n<p><span><\/span><\/p>\n<p>Fellow ratings agency Moody&#8217;s also expanded its coverage to<br \/>\ninclude Nigeria on Wednesday, assigning a Ba3 rating with a<br \/>\nstable outlook. Moody&#8217;s said it also expanded its coverage to<br \/>\nKenya and Zambia.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* SP now in line with Fitch, Moody&#8217;s assigns Nigeria rating * Forex reserves higher on oil prices, scrapped subsidy * Political tensions, insecurity main risks to ratings By Joe Brock ABUJA, Nov 7 (Reuters) &#8211; Standard Poor&#8217;s upgraded Nigeria&#8217;s credit rating on Wednesday because of improved financial stability and optimism over reforms to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-16481","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/16481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=16481"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/16481\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=16481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=16481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=16481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}