Nigeria hotel downgraded

A Nigeria-based consumer hospitality services company’s long-term national scale issuer rating has been dropped from A-(NG) to BBB+(NG) by GCR Ratings.

Transcorp Hotel has been downgraded on weak sector risk assessment of the Nigerian hospitality industry, due to the severe impact of the coronavirus disease 2019 (COVID-19) crisis.

However, GCR has affirmed Transcorp’s short-term national scale issuer rating at A2(NG), while the outlook has also been kept at stable.

See issuer profile here