Fitch assigns B+ to Nigeria’s USD300 million diaspora bond

Fitch

Fitch Ratings said it will assign Nigeria’s USD300 million 5.625% senior unsecured bonds a final rating of ‘B+’.

Fitch said in its latest rating opinion that the rating on the diaspora bond is the same as the expected rating it 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.