Fitch Rates Nigeria’s USD Diaspora Bonds ‘B+(EXP)’

Fitch Ratings has assigned Nigeria’s upcoming dollar denominated senior unsecured bonds a rating of ‘B+(EXP)’. The assignment of the final rating is contingent on the receipt of final documents materially conforming to information already reviewed.
The expected rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’. The Outlook on the IDR is Negative. The rating is sensitive to changes in Nigeria’s Long-Term Foreign-Currency IDR.
It will be recalled that on 24 January 2017, Fitch affirmed Nigeria’s Long-Term Foreign-Currency IDR at ‘B+’ and revised the Outlook to Negative. The Long-Term Local-Currency IDR was also affirmed at ‘B+’ with a Negative Outlook.