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.
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.