On Nov. 7, 2012, Standard & Poor’s Ratings Services raised its long-term foreign and local currency sovereign credit ratings on the Republic of Nigeria to ‘BB-‘ from ‘B+’. At the same time we affirmed the ‘B’ foreign- and local-currency short-term ratings. We raised the long-term national scale rating to ‘ngAA-‘ from ‘ngA+’. We affirmed the short-term national scale rating at ‘ngA-1’.

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