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S&P downgrades Nigeria citing falling oil prices, instability

Standard and Poor's credit rating agency downgraded Nigeria by a notch to B+ from BB-Standard and Poor’s credit rating agency on Friday downgraded Nigeria by a notch to B+ from BB- citing falling oil prices and political instability just a week before key general elections. The B+ rating pushes Nigeria further into junk territory showing that S&P considers it four levels below investment grade. “The decline in oil prices in the last seven months has significantly affected Nigeria’s external position and external vulnerability,” S&P said in a statement. It also referred to the challenge posed by the Islamist militant group Boko Haram, whose attacks in northeast Nigeria and cross-border violence had led to the polls, initially due in February, being postponed.

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