Source:  http://www.dmo.gov.ng/publications/resources/UNDERSTANDING%20NIGERIA%20domestic%20debt%20FINAL.pdf?PHPSESSID=02baabca8eb4c5989068f8473f7a91c4

Nigeria's Domestic Debt :  The Current Situation

[August 9, 2007]

Table 2a: Composition of Domestic Debt Portfolio (End-December, 2000)

Table 2b: Composition of Domestic Debt Portfolio (End-March, 2007)

Table 3: Yearly Analysis of Change in FGN Domestic Debt Portfolio

2005- End March 2007

Table 4: Total Pubic Debt as % of GDP

Source: The World Fact Book, 2007

Note:  These are Sovereign credit ratings, which indicate the risk level of the investing environment of a country and is used by investors looking to invest abroad.

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http://en.wikipedia.org/wiki/Standard_%26_Poor%27s

[S&P]  issues both short-term and long-term credit ratings.

Long-Term Credit Ratings

S&P rates companies on a scale from AAA to D. Intermediate ratings are offered at each level between AA and CCC ( i.e., BBB+, BBB and BBB-). For some companies, S&P may also offer guidance (termed a "credit watch") as to whether it is likely to be upgraded (positive), downgraded (negative) or uncertain (neutral).

Investment Grade

• AAA  : the best quality companies, reliable and stable
• AA  : quality companies, a bit higher risk than AAA
• A  : economic situation can affect finance
• BBB  : medium class companies, which are satisfactory at the moment

Non-Investment Grade (also known as junk bonds)

• BB  : more prone to changes in the economy
• B  : financial situation varies noticeably
• CCC  : currently vulnerable and dependent on favorable economic conditions to meet its commitments
• CC  : highly vulnerable, very speculative bonds
• C  : highly vulnerable, perhaps in bankruptcy or in arrears but still continuing to pay out on obligations
• CI  : past due on interest
• R  : under regulatory supervision due to its financial situation
• SD  : has selectively defaulted on some obligations
• D  : has defaulted on obligations and S&P believes that it will generally default on most or all obligations
• NR  : not rated

Short-Term Issue Credit Ratings

S&P rates specific issues on a scale from A-1 to D. Within the A-1 category it can be designated with a plus sign (+). This indicates that the issuer's commitment to meet its obligation is extremely strong. Country risk and currency of repayment of the obligor to meet the issue obligation are factored into the credit analysis and reflected in the issue rating.

• A-1  : obligor's capacity to meet its financial commitment on the obligation is strong
• A-2  : is susceptible to adverse economic conditions however the obligor's capacity to meet its financial commitment on the obligation is satisfactory
• A-3  : adverse economic conditions are likely to weaken the obligor's capacity to meet its financial commitment on the obligation
• B  : has a significant speculative characteristics. The obligor currently has the capacity to meet its financial obligation but faces major ongoing uncertainties that could impacts its financial commitment on the obligation
• C  : currently vulnerable to nonpayment and is dependent upon favourable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation
• D  : is in payment default. Obligation not made on due date and grace period may not have expired. The rating is also used upon the filing of a bankruptcy petition.

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