Standard & Poor’s, one of the world’s leading index providers and independent credit ratings has downgraded Nigeria’s rating further from ‘B+’ to ‘B/B’, Yahoo reported. The agency stated this in its rating released Friday. It pointed out that Nigeria’s economy had weakened more than expected owing to a restrictive foreign exchange regime, a marked contraction in oil production, and delayed fiscal stimulus. Furthermore, it noted that although Nigeria’s general government debt has remained low, debt servicing costs as a percentage of general government revenues was high and rising.
