Nigeria has received its first sovereign debt ratings from Fitch Ratings and Standard & Poor’s, but some analysts have questioned the appropriateness of the ratings assigned.
Both agencies assigned the sovereign a BB– rating, on stable outlook, in February, putting the country on a par with some of the top emerging markets performers globally.
“Nigeria has a very strong economy and the fundamentals are there,” says Sruti Patel, head of research at Afrinvest. “But it is slightly surprising that the rating is on the same footing as Brazil and Turkey.”
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