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Nigeria's bonds tumble after Moody's rating downgrade

Reuters
·1 min read

JOHANNESBURG, Jan 30 (Reuters) - Nigeria's sovereign dollar-denominated bonds fell heavily on Monday after ratings agency Moody's downgraded the West African oil producer late on Friday to Caa1 from B3, citing the government's deteriorating fiscal and debt position.

Longer-dated maturities were down the most, with the 2051 Eurobond falling more than 2.5 cents in the dollar to 69.08 cents according to Tradeweb data.

"The review for downgrade focused on Nigeria's fiscal and external position and the capacity of the government to address the ongoing deterioration – other than by alleviating the burden of its debt through any form of default, including debt exchanges or buy-backs," Moody's said. (Reporting by Rachel Savage; editing by Marc Jones)

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