America’s credit rating agency Moody’s in a statement on Wednesday affirmed Nigeria’s B2 ratings.
However it maintained a negative outlook for the country.
“Nigeria’s negative outlook continues to reflect material downside risks to creditworthiness identified when outlook was changed to negative.
“Nigeria’s risks to creditworthiness have increased, exacerbated by the oil price shock, financial, economic implications of coronavirus outbreak.
“In the longer term, impact of coronavirus on Nigeria’s growth, particularly in large informal sector may weaken economic strength.”
It’s been a season of bad news for Nigeria since the outbreak of coronavirus.
The World Bank and the IMF have also predicted economic downturns for the country in 2020.