{"id":41612,"date":"2020-07-21T17:57:56","date_gmt":"2020-07-21T16:57:56","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=41612"},"modified":"2020-07-21T17:57:56","modified_gmt":"2020-07-21T16:57:56","slug":"nigerias-rating-suffers-blow-from-covid-19-oil-shock-fitch","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigerias-rating-suffers-blow-from-covid-19-oil-shock-fitch\/","title":{"rendered":"Nigeria\u2019s Rating Suffers Blow From COVID-19, Oil Shock \u2013 Fitch"},"content":{"rendered":"

Fitch Ratings has said the coronavirus pandemic and the oil price shock have caused a severe impact on credit rating in Nigeria and some other sub-Saharan African countries.<\/p>\n

It stated this in its report on Monday titled \u2018Outlook on Sub-Saharan sovereigns is negative.\u2019<\/p>\n

The report said, \u201cFitch forecasts the median real gross domestic product for rated SSA sovereigns will contract by 2.1 per cent in 2020, before returning to growth at four per cent in 2021, which is barely above trend growth.<\/p>\n

\u201cThe global shock has had a strong impact on the SSA region via commercial and financial linkages, and domestic containment measures \u2013 with many countries imposing lockdowns and curfews \u2013 have caused severe disruption to economic activity in many countries.<\/p>\n

\u201cThe shock has hit the main African oil exporters \u2013Angola, the Republic of Congo, Gabon and Nigeria \u2013 particularly hard given their high reliance on oil revenue for fiscal and external financing and the indirect dependence of the non-oil sector on oil revenue.\u201d<\/p>\n

Fitch said countries with a concentration on tourism, particularly Cabo Verde and the Seychelles, had also been badly affected.<\/p>

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It noted that the coronavirus pandemic and the oil price shock it triggered had had a severe impact on sovereigns in sub-Saharan Africa, which led to rating downgrades on seven of the 19 rated SSA sovereigns since the beginning of March 2020.<\/p>\n

\u201cFour sovereigns in the region have negative outlooks on their rating, which is unusually high, pointing to continued downside risks to ratings,\u201d it said.<\/p>\n

The credit agency explained that only Cote d\u2019Ivoire carried a positive outlook.<\/p>\n

According to Fitch, the fall in revenue, combined with additional spending from the healthcare sector would lead to a surge in deficits and debt levels in 2020, and debt would continue to rise in 2021 for a majority of countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings has said the coronavirus pandemic and the oil price shock have caused a severe impact on credit rating in Nigeria and some other sub-Saharan African countries.<\/p>\n","protected":false},"author":6,"featured_media":41613,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[569],"coauthors":[2391],"class_list":["post-41612","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-fitch-rating"],"yoast_head":"\nNigeria\u2019s Rating Suffers Blow From COVID-19, Oil Shock \u2013 Fitch - National Wire<\/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:\/\/nationalwire.com.ng\/sub\/nigerias-rating-suffers-blow-from-covid-19-oil-shock-fitch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s Rating Suffers Blow From COVID-19, Oil Shock \u2013 Fitch - 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