Fitch revises Nigeria’s credit outlook to positive amid economic reforms

Several nations have received positive credit rating updates from major agencies. Fitch Ratings has revised Nigeria’s long-term issuer default rating outlook from stable to positive while affirming its rating at ‘B’. This revision is driven by ongoing economic reforms, including monetary and exchange rate adjustments, which have led to increased naira flexibility and faster-than-expected accumulation of foreign exchange reserves. Nigeria’s gross FX reserves rose to $54.9 billion as of late September 2026, up from $32 billion in April 2024. Fitch expects real GDP growth to reach 4.3% in 2026 and anticipates that inflation will moderate significantly.

In Kyrgyzstan, Moody’s has upgraded the country’s sovereign credit rating from B3 to B2 with a stable outlook. The upgrade reflects improved macroeconomic and fiscal indicators, including a declining debt-to-GDP ratio and increased infrastructure investment.

Additionally, Moody’s upgraded the Maldives' credit rating from ‘Caa2’ to ‘Caa1’ with a stable outlook. The move follows successful debt repayment efforts, including the settlement of $500 million in sukuk and a $400 million currency swap facility, alongside strengthened foreign exchange reserves.