Investors are currently dumping Nigerian bonds after rating agency; Moody’s downgraded the country on Friday to Caa1 from B3.

In long-term credit rating, any debt obligations rated Caa1 are generally judged to be of poor standing and are subject to very high credit risk.

Therefore, this rating means that Moody’s does not believe that Nigeria is capable of meeting its long-term debt obligations.

This rating is expected to have serious implications on Nigeria’s ability to raise external funding via long-term debt instruments such as Eurobonds.

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