Tuesday, July 03, 2018 /08:40 AM / S & P Global Ratings
· On June 25, 2018, we published our revised national scale rating mapping tables, which included a recalibration of our Nigeria national scale mapping table.
· We consequently placed our 'ngBBB/ngA-2' national scale ratings on Nigeria under criteria observation (UCO).
· Following our review, we are raising our long- and short-term national scale ratings on Nigeria to 'ngA/ngA-1' from 'ngBBB/ngA-2'.
· Our national scale ratings do not carry outlooks.
On July 2, 2018, S&P Global Ratings raised its long- and short-term national scale ratings on Nigeria to 'ngA/ngA-1' from 'ngBBB/ngA-2' and removed the under criteria observation (UCO) designation from the ratings.
Our global scale issuer and issue credit ratings on Nigeria are not affected by today's rating action.
As a "sovereign rating" (as defined in EU CRA Regulation 1060/2009 "EU CRA Regulation"), the ratings on Nigeria are subject to certain publication restrictions set out in Art 8a of the EU CRA Regulation, including publication in accordance with a pre-established calendar (see "Calendar Of 2018 EMEA Sovereign, Regional, And Local Government Rating Publication Dates: Midyear Update," published July 2, 2018, on Ratings Direct). Under the EU CRA Regulation, deviations from the announced calendar are allowed only in limited circumstances and must be accompanied by a detailed explanation of the reasons for the deviation. In this case, the reason for the deviation is the
publication of revised national scale mapping tables on June 25, 2018.
The next scheduled rating publication on the sovereign rating on Nigeria will be on Sept. 14, 2018.
Our action follows the review of our national scale ratings on Nigeria under our new national scale rating mapping tables (see "S&P Global Ratings' Methodology For National And Regional Scale Mapping Tables," and "Guidance: S&P Global Ratings' Methodology For National And Regional Scale Mapping Specifications," both published June 25, 2018, on RatingsDirect). The mapping tables are guidelines for how our national scales correspond to our global scale ratings.
Today's rating action resulted from a recalibration of the Nigeria national scale mapping table, and does not reflect any change in Nigeria's fundamental credit quality or the sovereign's outstanding debt.
National scale ratings express our opinion of the creditworthiness of an issuer or debt instrument relative to other issuers and issues in a given country. The purpose is to provide a rank-ordering of credit risk within the country.