Fitch rates Nigeria’s USD1 billion Eurobond B+


Fitch Ratings, one of the four major global credit agencies has assigned on Nigeria’s USD1 billion Eurobond.

You would recall that Nigeria started a roadshow last week to tour Europe and the United States to convince investors in buting Nigeria’s debt.

In its ratings opinion, Fitch said:

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

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 changes in Nigeria’s Long-Term Foreign-Currency IDR.

Also, 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.