Moody's lowers Bank of Industry

Moody's Investors Service said it downgraded Bank of Industry's long-term issuer and long-term corporate family ratings to Caa1 from B3. Moody's also lowered BOI Finance BV's senior secured rating to Caa1 from B3.

Finally, the agency revised the outlook for the companies to stable from under review. These actions conclude the review initiated on Oct. 25.

“Today's rating action follows Moody's downgrade on Jan. 27, 2023 of the long-term issuer rating of the government of Nigeria to Caa1 from B3, and change in the outlook to stable,” Moody’s said in a press release.

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