Fitch Rates Nigeria’s USD Notes ‘B+’

 

FITCH Ratings has assigned Nigeria’s USD1.5 billion 6.500 percent senior unsecured notes due 28 November 2027 and USD1.5 billion 7.625 percent senior unsecured notes due 28 November 2047 the final rating of ‘B+’. The final rating replaces the expected rating of ‘B+(EXP)’ that Fitch assigned on 15 November 2017.
According to Fitch, the expected rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a Negative Outlook.
The rating is sensitive to any changes in Nigeria’s Long-Term Foreign-Currency IDR, it said.
On 31 August 2017, Fitch affirmed Nigeria’s Long-Term Foreign-Currency IDR at ‘B+’ with a Negative Outlook. The Long-Term Local-Currency IDR is also ‘B+’ with a Negative Outlook.