Fitch Rates Nigeria’s USD Notes ‘B+’

November 28, 2017/Fitch Ratings

Fitch Ratings has assigned Nigeria’s USD1.5 billion 6.500% senior unsecured notes due 28 November 2027 and USD1.5 billion 7.625% senior unsecured notes due 28 November 2047 the final rating of ‘B+’. The final rating replaces the expected rating of ‘B+(EXP)’ that Fitch assigned on 15 November 2017. 

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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