S&P upgrades Nigeria credit rating to B on reform progress
S&P raised Nigeria's rating to B citing higher oil output and refining capacity. The agency expects real GDP per capita to grow 1.4 percent on average per year.
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S&P GLOBAL INC upgraded the long-term sovereign rating of Nigeria to B from B- on Friday. The move follows similar upgrades by MOODY'S CORP and Fitch over the past year. Improved creditworthiness signals lower borrowing costs and stabilizing macroeconomic conditions for international bondholders.
