Fitch rates Nigeria’s upcoming USD notes ‘B+(EXP)’

Fitch Ratings has assigned Nigeria’s upcoming senior unsecured USD denominated notes an expected rating of ‘B+(EXP)’.

According to a post on Fitch website “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+’, which has a Negative Outlook.

The rating is sensitive to any changes in Nigeria’s Long-Term Foreign-Currency IDR. 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.