...March 31, 2020 - On March 26, 2020, S&P Global Ratings lowered its long-term foreign and local currency ratings on Nigeria to 'B-' from 'B' on the weakening external position tied to lower oil prices. - We believe that Nigerian banks' asset quality and earnings will be materially affected by lower oil prices because of their significant exposure to the sector. - We do not rate financial institutions in Nigeria above the foreign currency sovereign ratings, due to the direct and indirect effect sovereign stress would have on banks' operations and creditworthiness. - We are therefore lowering the long-term issuer credit ratings on six banks to 'B-' from 'B' and affirming our 'B' short-term ratings on these banks. We are also affirming our 'B-/B' ratings on five entities. - At the same time, we are lowering our long- and short-term national scale ratings on most entities. JOHANNESBURG (S&P Global Ratings) March 31, 2020-- S&P Global Ratings today lowered its long-term global scale issuer credit...
