S&P downgrades Nigeria's rating on falling oil prices

(MENAFN) Standard and Poor's credit rating agency downgraded Nigeria by a notch to B+ from BB- citing falling oil prices and political instability, Arab News reported.

The B+ rating pushes Nigeria further into junk territory showing that S&P considers it four levels below investment grade.

It also referred to the challenge posed by the militant group Boko Haram, whose attacks in northeast Nigeria and cross-border violence had led to the polls being postponed.

"The tightly contested general elections may pose risks to Nigeria's external position and the implementation of what we view as the government's ambitious fiscal consolidation plans," the agency said.