Global credit rating provider, Fitch Ratings said it is affixing ‘B+(EXP)’ ratings to Nigeria’s USD denominated notes.
The West African country is looking at borrowing to cover up for its budget deficit in its 2017 budget that is due to elapse by the first quarter of 2018.
Fitch Rating said the assignment of the final ratings is contingent on the receipt of final documents materially conforming to information already reviewed.
The expected rating is in line with the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a Negative Outlook.
Fitch said the rating is sensitive to any changes in Nigeria’s Long-Term Foreign-Currency IDR.