HONG KONG, JULY 3,2017 – Fitch Ratings has assigned Nigeria’s USD300m 5.625% senior unsecured bonds a final rating of ‘B+’. The final rating is the same as the expected rating that Fitch assigned on 14 June 2017. KEY RATING DRIVERS The final rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’. The Outlook on the IDR is Negative.
RATING SENSITIVITIES: 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.
The Long-Term Local-Currency IDR was also affirmed at ‘B+’ with a Negative Outlook.