Advertisement
Nigeria Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
B3 Positive | B Stable | B- Stable | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Moody's | B3 | Stable | B3 | Positive | |
| May 15, 2026 | S&P | B- | Positive | B | Stable | |
| Nov 14, 2025 | S&P | B- | Stable | B- | Positive | |
| May 30, 2025 | Moody's | Caa1 | Stable | B3 | Stable | |
| Aug 04, 2023 | S&P | B- | Negative | B- | Stable | |
| Feb 03, 2023 | S&P | B- | Stable | B- | Negative | |
| Jan 27, 2023 | Moody's | B2 | Stable | Caa1 | Stable | |
| Nov 11, 2022 | Fitch | B | Stable | B- | Stable | |
| Nov 29, 2021 | Moody's | B2 | Negative | B2 | Stable | |
| Sep 30, 2020 | Fitch | B | Negative | B | Stable | |
| Apr 06, 2020 | Fitch | B+ | Negative | B | Negative | |
| Mar 26, 2020 | S&P | B | Negative | B- | Stable | |
| Feb 28, 2020 | S&P | B | Stable | B | Negative | |
| Dec 19, 2019 | Fitch | B+ | Stable | B+ | Negative | |
| Dec 04, 2019 | Moody's | B2 | Stable | B2 | Negative | |
| Nov 02, 2018 | Fitch | B+ | Negative | B+ | Stable | |
| Nov 07, 2017 | Moody's | B1 | Stable | B2 | Stable | |
| Jan 25, 2017 | Fitch | B+ | Stable | B+ | Negative | |
| Sep 16, 2016 | S&P | B+ | Negative | B | Stable | |
| Jun 23, 2016 | Fitch | BB- | Negative | B+ | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Nigeria’s current credit rating?
Nigeria’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Nigeria’s credit risk.
Has Nigeria’s credit rating changed recently?
This page lists the latest rating and outlook actions for Nigeria, showing when each agency last reviewed or changed its assessment.
Why does Nigeria’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Nigeria's bond yields, currency, and equity flows as investors reassess risk.
How does Nigeria’s rating compare to other countries?
You can explore how Nigeria ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
Advertisement