S&P Raises Nigeria’s Rating for First Time in 14 Years

S&P Global Ratings lifted Nigeria’s credit rating for the first time since 2012, citing higher oil prices and the country’s improved capacity to refine and export crude.

The credit assessor upgraded the nation’s rating by one notch to B, five levels below investment grade, according to a Friday statement. S&P also cited Nigeria’s decision to liberalize the exchange rate. It changed the outlook to stable.