Fitch Rates Nigeria’s Upcoming USD Notes ”B (EXP)”

November 15, 2017/Fitch Ratings has assigned Nigeria’s upcoming senior unsecured USD-denominated notes an expected rating of ‘B+(EXP)’.

The assignment of the final ratings 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+’ with a Negative Outlook.

Rating Sensitivities
The rating is sensitive to any changes in Nigeria’s Long-Term Foreign-Currency IDR.

On 31 August 2017, Fitch affirmed Nigeria’s Long-Term Foreign-Currency IDR at ‘B+’ with a Negative Outlook. The Long-Term Local-Currency IDR is also ‘B+’ with a Negative Outlook.

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