Moody’s downgrade of Nigeria’s sovereign rating came as a surprise to the country, Finance Minister Zainab Ahmed said on Thursday.
Moody’s downgraded the West African oil producer last week to Caa1 from B3, saying the government’s fiscal and debt position was expected to keep deteriorating, sending its dollar-bond and currency forwards tumbling.
Ahmed said the government disagreed with Moody’s view because it was addressing the issues raised by the agency.
She added that rating agency S&P is expected to release its rating of Nigeria on Friday, which should be better than Moody’s.
