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Warnings for Nigeria as S&P Downgrades Russia To Junk Status

Nairametrics by Nairametrics
January 28, 2015
in Uncategorized
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The rating agency S&P downgraded Russia’s sovereign credit rating to ‘junk’, with the rouble strengthening and Moscow-listed shares broadly steady. S&P cut Russia’s rating from BBB- to BB+, citing Russia’s weakened economic growth prospects, hit by low oil prices and Western sanctions over the Ukraine crisis. Two other major ratings agencies, Moody’s and Fitch, are yet to downgrade Russia to below investment grade.

This a potential worry for Nigeria as we approach an inevitable fiscal crisis amidst dwindling oil prices and the depreciation of the naira. Nigeria is dangerously following a familiar pattern already displayed by Russia even though we have less external reserves and little room to wiggle. A junk rating for the country will be very bad considering that the government will do more of borrowing this year to finance budget deficits.

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If Nigeria is thrown to junk status, then bond yields will rise higher sending lending rates even higher than it currently is. Is is also likely going to depreciate the naira. The effects is unthinkable!

 

Tags: News ReviewRating Agencies
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 2

  1. Biodun says:
    January 28, 2015 at 1:50 am

    Thanks for the insight. Based on the potential downgrade, what would be your advise for persons who wish to invest in the NSE? Invest now while stocks are low or don’t invest?!

    Reply
    • Nairametrics says:
      January 28, 2015 at 7:23 am

      Don’t invest if you cannot manage the volatility

      Reply

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