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Fitch Rates Nigeria's USD Diaspora Bonds 'B+(EXP)'

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Thursday, June 15, 2017 8:35 AM /Fitch Ratiings

Fitch Ratings has assigned Nigeria's upcoming USD- denominated senior unsecured bonds an expected rating of 'B+(EXP)'.

The assignment of the final rating 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+'. The Outlook on the IDR is Negative.


Rating Sensitivities

The rating is sensitive to changes in Nigeria's Long-Term Foreign-Currency IDR.


On 24 January 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.

Copies of the final prospectus relating to the Bonds, when available, may be obtained by contacting: 

1.  Bank of America Merrill Lynch, Attn: Prospectus Department, NC1-004-03-43, 200 2 North College Street, 3rd floor, Charlotte, NC 28255-0001;  and for requests outside the United States, through  

2.  The Standard Bank of South Africa Limited; 3rd Floor, East Wing,30 Baker Street, Rosebank, Johannesburg 2196 South Africa;  

3.  ICBC Standard Bank Plc (the distribution agent of The Standard Bank of South Africa Limited in the United Kingdom) 20 Gresham Street, London EC2V 7JE, United Kingdom;  

4.  FBN Merchant Bank Limited, 10 Keffi Street, Ikoyi, Lagos, Nigeria; or  

5.  United Capital Plc, 12th Floor, UBA House 57 Marina, Lagos, Nigeria



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