Fitch revises Nigeria's rating outlook to stable

Proshare

 

Friday October 21, 2011 1:55pm / Reuters

 

Fitch on Friday revised the outlook of Nigeria's credit rating to stable from negative, saying the likelihood of reforms increased as the government appointed a strong economic team after April elections.

 

Fitch currently rates Nigeria at BB-minus. It had revised the outlook on that rating to negative about a year ago, as foreign reserves declined rapidly during three consecutive quarters.

 

That deterioration in reserves was halted, Fitch said, as the government adopted tighter monetary policy and a some fiscal discipline.

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