The downgrade of the nine lenders also affected their issuer ratings and the senior unsecured debt ratings.
Nigeria’s Minister of Finance, Zainab Ahmed, on Thursday disagreed with ratings agency Moody’s downgrade of Nigeria’s sovereign rating to Caa1 from B3.
“But these are external rating agencies that don’t have the full understanding of what is happening in our domestic environment.”“S&P’s assessment is not the same as Moody’s. They have come out with a much better assessment,” Mrs Ahmed said. The latest sovereign rating echoes the one by Fitch in November, which similarly lowered Nigeria’s rating by one level at B-, placing it six notches above default and on par with Angola and Ecuador.Meanwhile, Moody’s Investors Service on Wednesday lowered the long-term deposit ratings of nine Nigerian banks to Caa1 from B3 days after a
Nigeria’s government Eurobonds had been dumped at the fastest rate in three months by investors following the downgrade, pushing the country’sThe lenders affected by the latest downgrade include Access Bank, Guaranty Trust Bank, Sterling Bank, Fidelity Bank, First Bank of Nigeria Limited, Zenith Bank, First City Monument Bank, Union Bank and United Bank for Africa.
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