S&P Downgrades Nigeria Further Into Junk as Oil Woes Worsen

  • Rating lowered from B+ to B, outlook now stable from negative
  • GDP seen contracting 1 percent in 2016, grow 2 percent in 2017

S&P Global Ratings downgraded Nigeria further into junk territory just as Africa’s most populous nation prepares to issue its first Eurobond since 2013, amid low oil prices and severe shortages of foreign exchange.

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