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

Fitch Ratings has assigned Nigeria’s upcoming USD denominated senior unsecured notes an expected rating of ‘B+(EXP)’. This is according to a statement released by the rating agency.

The agency said the assignment of the final rating is contingent on the receipt of final documents materially conforming to information already reviewed.

Fitch said the 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 changes in Nigeria’s Long-Term Foreign-Currency IDR. On 24 January 2017, Fitch affirmed Nigeria’s Long-Term Foreign-Currency IDR at ‘B+’ and revised the Outlook to Negative from Stable.

The Long-Term Local-Currency IDR is also ‘B+’ with a Negative Outlook.