A major ratings agency downgraded Nigerian banks, days after a senior government official floated the idea of converting central bank loans to bonds.

Moody’s downgraded the outlook for Nigerian lenders on October 26, amid growing fears about the country’s fiscal capacity and debt outlook. Four days earlier, it cut its rating for Nigerian sovereign instruments.

On October 12, Nigerian finance minister Zainab Ahmed told news agency Bloomberg the country was considering a “restructuring” of its