Fitch Rates Nigeria’s USD Notes ‘B+’

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Fitch Ratings has assigned Nigeria’s USD1.25 billion 7.143% senior unsecured notes due 23 February 2030 and USD1.25 billion 7.696% senior unsecured notes due 23 February 2038 final ratings of ‘B+’. The final ratings replace the expected ratings of ‘B+(EXP)’ that Fitch assigned on 15 February 2018.

KEY RATING DRIVERS 

The ratings are in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’, which has a Negative Outlook.

RATING SENSITIVITIES

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

On 31 August 2017, Fitch affirmed Nigeria’s Long-Term Foreign- and Local-Currency IDRs at ‘B+’ with a Negative Outlook.

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