Fitch Rates Nigeria’s USD Notes ‘B+’

By Dipo Olowookere

Nigeria’s $1 billion 15-year 7.875 percent senior unsecured notes have been assigned a final rating of ‘B+’ by Fitch Ratings.

In a statement issued by the one of the world’s leading credit rating agencies on Tuesday, it explained that the “rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’, which has a Negative Outlook.”

The final rating replaces the expected rating that Fitch assigned on February 6, 2017.

It is important to note that the rating is sensitive to changes in Nigeria’s Long-Term Foreign-Currency IDR.

On January 25, 2017, Fitch affirmed Nigeria’s Long-Term Foreign-Currency IDR at ‘B+’ and revised the Outlook to Negative from Stable.