Tuesday, October 25, 2011

Okonjo-Iweala: Fitch Ratings, Boost to Our Transformation Agenda

This Day
24 October 2011

Finance Minister and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, said Sunday that the upgrade of Nigeria’s economic outlook by Fitch Ratings has laid a strong foundation on which the Federal Government can build the economic reforms and implement the transformation agenda of President Goodluck Jonathan.

According to Okonjo-Iweala, the upgrade by Fitch Ratings was “a great news for the country and a strong foundation for the country to keep building the ongoing economic reforms”.

Fitch Ratings, world’s leading rating agency at the weekend upgraded the country’s Outlook to Stable from Negative. It also affirmed Nigeria’s long-term foreign currency Issuer Default Rating (IDR) at 'BB-' and Long-term local currency IDR at 'BB', while affirming the short-term rating at 'B' and Country Ceiling at 'BB-'.

Okonjo-Iweala, presently out of the country on official assignment, also described the upgrade as “concrete evidence that the President’s economic transformation agenda is being appreciated.”

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