Fitch Ratings Recalibrates Nigeria’s National Rating Scale

Fitch Ratings Recalibrates Nigeria’s National Rating Scale

Fitch Ratings has recalibrated its Nigeria National Rating scale to reflect changes in the relative creditworthiness among Nigerian issuers following Fitch’s upgrade of Nigeria’s sovereign Long-Term Local-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B-’/ Positive in April.

The ratings agency said the recalibration may result in rating revisions for some issuers with Nigerian national ratings. These rating revisions will be announced soon, Fitch said.

National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk.

Nigeria’s national ratings are denoted by the unique identifier ‘(nga)’. Fitch adds this identifier to reflect the unique nature of the Nigerian national scale. National scales are not comparable with Fitch’s international ratings scales or with other countries’ national rating scales.

Naira Appreciates as CBN Sells Additional Dollars in FX Market