Rating: Nigeria Credit Rating

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Rating Moody's Nigeria

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating

Rating S&P Nigeria

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2023-08-04	B- (Stable)
2023-02-03	B- (Negative)
2020-03-26	B- (Stable)
2020-02-28	(Negative)
2016-09-16	B (Stable)
2016-03-18	(Negative)	2023-08-04	B-
2015-03-20	B+ (Stable)	2023-02-03	B-
2014-03-27	(Negative)	2020-03-26	B-
2014-03-21	(Negative)	2016-09-16	B
2012-11-07	BB- (Stable)	2015-03-20	B+
2011-12-29	(Positive)	2012-11-07	BB-
2009-08-21	B+ (Stable)	2009-08-21	B+	2006-02-06	B	2006-02-06	B

S&P: Long term Rating

Rating Fitch Nigeria

Long term Rating				Short term Rating
Foreign currency		Local currency		Foreign currency		Local currency
Date	Rating(Outlook)	Date	Rating	Date	Rating	Date	Rating
2022-11-11	B- (Stable)	2022-11-11	B-
2020-04-06	B (Negative)	2020-04-06	B	2020-04-06	B
2019-12-19	B+	2019-12-19	B+	2019-12-19	B
2019-06-07	B+	2019-06-07	B+	2019-06-07	B
2018-11-02	B+	2018-11-02	B+	2018-11-02	B
2018-05-17	B+ (Negative)	2018-05-17	B+	2018-05-17	B
2017-08-31	B+ (Negative)	2017-08-31	B+	2017-08-31	B
2017-01-25	B+ (Negative)	2017-01-25	B+	2017-01-25	B
2016-07-22	B+ (Stable)	2016-07-22	B+	2016-07-22	B
2016-06-23	B+ (Stable)	2016-06-23	BB-	2016-06-23	B
2015-09-25	BB- (Negative)	2015-09-25	BB	2015-09-25	B
2015-03-30	BB-	2015-03-30	BB	2015-03-30	B
2014-10-03	BB- (Stable)	2014-10-03	BB	2014-10-03	B
2014-04-11	BB- (Stable)	2014-04-11	BB	2014-04-11	B
2013-10-16	BB- (Stable)	2013-10-16	BB	2013-10-16	B
2013-07-11	BB- (Stable)	2013-07-11	BB	2013-07-11	B
2013-07-05	BB- (Stable)	2013-07-05	BB	2013-07-05	B
2012-10-19	BB- (Stable)	2012-10-19	BB	2012-10-19	B
2012-02-23	BB- (Stable)	2012-02-23	BB	2012-02-23	B
2011-10-21	BB- (Stable)	2011-10-21	BB	2011-10-21	B	2020-04-06	B
2011-01-21	BB- (Negative)	2011-01-21	BB	2011-01-21	B	2019-12-19	B
2010-10-22	BB- (Negative)	2010-10-22	BB	2010-10-22	B	2019-06-07	B
2008-05-23	BB- (Stable)	2008-05-23	BB	2008-05-23	B	2018-11-02	B
2006-01-30	BB- (Stable)	2006-01-30	BB-	2006-01-30	B	2018-05-17	B

Fitch: Long term Rating

Grade	Moody's	S&P	Fitch
Prime	Aaa	AAA	AAA
High grade	Aa1	AA+	AA+
	Aa2	AA	AA
	Aa3	AA-	AA-
Upper medium grade	A1	A+	A+
	A2	A	A
	A3	A-	A-
Lower medium grade	Baa1	BBB+	BBB+
	Baa2	BBB	BBB
	Baa3	BBB-	BBB-
Non-investment grade speculative	Ba1	BB+	BB+
	Ba2	BB	BB
	Ba3	BB-	BB-
Highly speculative	B1	B+	B+
	B2	B	B
	B3	B-	B-
Substantial risks	Caa1	CCC+	CCC+
	Caa2	CCC	CCC
	Caa3	CCC-	CCC-
Extremely speculative	Ca	CC	CC
Extremely speculative			C
In default with little prospect for recovery		SD	RD
In default	C	D	D
			DD
			DDD
Not rated	WR	NR

Grade	Moodys	S&P	Fitch
High grade	P-1	A-1+	F1+
Upper medium grade	P-1	A-1	F1
Lower medium grade	P-2	A-2	F2
Non-investment grade speculative	P-3	A-3	F3
Highly speculative		B	B
Extremely speculative	NP	C	C