Rating lowered from B+ to B, outlook now stable from negative GDP seen contracting 1 percent in 2016, grow 2 percent in 2017 S&P Global Ratings downgraded Nigeria further into junk territory just as Africa’s most populous nation prepares to issue its first Eurobond since 2013, amid low oil prices and severe shortages of foreign-exchange. S&P lowered Nigeria’s rating one level to B, five levels below investment grade and in line with Kyrgyzstan and Angola. The outlook was changed from negative to stable. “Nigeria’s economy has weakened more than we expected owing to a marked contraction in oil production, a restrictive foreign exchange policy and delayed fiscal stimulus,” S&P said in an e-mailed statement after markets closed. While government debt remains low, “servicing costs as a percentage of government revenues are high and rising,” the company said. The rating cut comes as Nigeria prepares to issue a dollar bond […]