Oyetunji AbioyeBarely one month after one of the global rating agencies, Moody’s Investors Service, downgraded Nigeria’s sovereign debt rating, the agency has said the country’s balance sheet remains exposed to further shocks. Moody’s had on November 8 downgraded Nigeria’s long-term issuer and senior unsecured debt rating to ‘B2’ from ‘B1’. As a follow-up to the earlier rating, Moody’s on Monday released its annual credit analysis report, stating that Nigeria’s ‘B2 stable’ credit profile was constrained by the continued exposure of the sovereign balance sheet to shocks, weak institutions and elevated deficits. “Until it does, the government’s balance sheet will remain exposed to further shocks. The report read in part, “The continuing recovery in oil production underpins Nigeria’s more robust medium-term prospects.

Source: Punch December 05, 2017 02:48 UTC