{"id":41985,"date":"2015-09-15T13:06:10","date_gmt":"2015-09-15T12:06:10","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=41985"},"modified":"2015-09-15T13:06:10","modified_gmt":"2015-09-15T12:06:10","slug":"investors-flee-as-nigeria-faces-more-reduced-ratings","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/uncategorized\/investors-flee-as-nigeria-faces-more-reduced-ratings\/","title":{"rendered":"Investors Flee,\u00a0 As Nigeria Faces More Reduced Ratings"},"content":{"rendered":"
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\n

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Barely two weeks after Nigeria was removed from the JPMorgan bond index,
\nanalysts predict that the country faces further reduced credit ratings
\nin another two weeks.<\/p>\n

Standard & Poor\u2019s is expected to release a review of its assessment on
\nSeptember 18. It currently rates Nigeria at four levels below investment
\ngrade at B+ with a stable outlook. Fitch Ratings, which currently has
\nNigeria at BB-, with a negative outlook, is also expected to release a
\nreview of its rating by September 25. Both reviews are expected to be
\nnegative.<\/p>\n

\u201cThere\u2019s a very high risk of a downgrade,\u201d Jan Dehn, head of research at
\nAshmore Group Plc, which sold all of its Nigerian Eurobonds and naira
\ndebt over the past year, told Bloomberg. \u201cAt the moment, I\u2019m pretty far
\naway from even considering buying anything Nigeria. It\u2019s a deteriorating
\ncredit.\u201d<\/p>\n

\u201cFitch is the one people will be watching most closely,\u201d Alan Cameron,
\nan economist at Exotix Partners LLP in London, said. \u201cThe oil price has
\nbeen low for a long time and people assume that\u2019s at least a
\nsemi-permanent state of affairs, which will have a very significant
\nimpact on fiscal and external projections. It is difficult to argue that
\nNigeria should not be downgraded at this point.\u201d<\/p>\n

Financial analysts predict that these developments would result in even
\nfurther capital flight and severely affect economic growth. Nigeria is
\ncurrently battling a weakened currency and dwindling oil sales due to
\nfalling crude prices. Critics have also said that President Muhammadu
\nBuhari\u2019s delay in announcing a cabinet is further compounding an
\neconomic dilemma.<\/p>\n

Economist and lecturer at the University of Abuja, Dr. Ben Obi, said
\nlast week that the slow pace of the new administration to tackle the
\nheadwinds facing Nigeria may further compound the country\u2019s problems.<\/p>\n

\u201cI think it\u2019s clear for all to see, the CPI is on the rise, revenue is
\nstill shaky and very recently we saw poor GDP and job creation numbers
\nin the second quarter of the year,\u201d he said. \u201cWhen you take all these
\nand add trade shocks and global headwinds to it, we should be taking
\nurgent steps to curb the economy\u2019s slump. The GDP numbers particularly
\nare a ten year low and it is unlikely that much will change for the
\nthird or even the fourth quarter, if the nation continues at such a
\npace.\u201d<\/p>\n

Daily Times<\/p>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Barely two weeks after Nigeria was removed from the JPMorgan bond index, analysts predict that the country faces further reduced credit ratings in another two weeks. Standard & Poor\u2019s is…<\/p>\n","protected":false},"author":1,"featured_media":41911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-41985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nInvestors Flee,\u00a0 As Nigeria Faces More Reduced Ratings - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/uncategorized\/investors-flee-as-nigeria-faces-more-reduced-ratings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors Flee,\u00a0 As Nigeria Faces More Reduced Ratings - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Barely two weeks after Nigeria was removed from the JPMorgan bond index, analysts predict that the country faces further reduced credit ratings in another two weeks. 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