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Fitch Assigns Final Rating of ‘B+’ to Nigeria’s $1.5b Notes

A final rating of ‘B+’ has been assigned to Nigeria’s $1.5 billion notes by renowned rating agency, Fitch Ratings.

A statement issued by the firm on Monday disclosed that the new rating replaces the expected rating of ‘B+(EXP)’ it assigned to notes of the Africa’s largest economy on November 15, 2017.

The $1.5 billion 6.500 percent senior unsecured notes are due on November 28, 2027, while the $1.5 billion 7.625 percent senior unsecured notes are due on November 28, 2047.

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According to Fitch, the expected rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a Negative Outlook.

“The rating is sensitive to any changes in Nigeria’s Long-Term Foreign-Currency IDR,” the statement issued in Hong Kong said.

On August 31, 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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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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