Fitch rates Nigeria’s USD1 billion Eurobond B+

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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.

KEY RATING DRIVERS
The expected rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’, which has a Negative Outlook.

RATING SENSITIVITIES
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.