Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Nigeria makes credit ratings debut, besting Greece  Join our daily free Newsletter

MENAFN - AFP - 07/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Nigeria, Kenya and Zambia, three of Africa's most dynamic economies, received their first sovereign ratings from the Moody's agency on Wednesday, handily beating Greece in the creditworthiness stakes.

Predicting African governments would increasingly turn to markets to fund public programmes, Moody's gave Nigeria the highest rating of the trio, at Ba3, just under investment grade.

The ratings judge how likely a country is to default on its debt and go a long way toward determining a government's cost of borrowing.

Kenya and Zambia were both assessed a B1, or highly speculative grade.

But that was still a higher rate than those given to some debt-stricken European nations such as Cyprus (B3) and Greece (C).

Nigeria's rating was equal to that of Portugal.

"Moody's believes the continent's growth will be characterized by increasing utilisation of international capital market finance," Jacques Els of Moody's South Africa said.

Spurred by strong domestic demand, foreign investment and mineral wealth, Africa's economies are now among the fastest growing in the world.


 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help