Fitch Assigns ‘B+(EXP)’ to Nigeria’s Dollar Diaspora Bonds

By Modupe Gbadeyanka

The forthcoming Nigeria’s Dollar denominated senior unsecured bonds have been assigned ‘B+(EXP)’ by Fitch ratings.

A statement by the agency on Wednesday, June 14, 2017 explained that the assignment of the final rating was “contingent on the receipt of final documents materially conforming to information already reviewed.”

On January 24, 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.

Commenting further on the latest rating, Fitch said, “The expected rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’. The Outlook on the IDR is Negative.”

“The rating is sensitive to changes in Nigeria’s Long-Term Foreign-Currency IDR,” the firm stated in the statement.