Monday, November 26, 2018 07:45 AM / Fitch Ratings
Fitch Ratings has assigned Nigeria's new senior unsecured USD notes a final rating of 'B+'. The notes are in three tranches:
USD1,118,352,000 7.625% senior unsecured notes due 21 November 2025
USD1,000,000,000 8.747% senior unsecured notes due 21 January 2031
USD750,000,000 9.248% senior unsecured notes due 21 January 2049
The final ratings replace the expected ratings of 'B+(EXP)' that Fitch assigned on 13 November 2018.
Key Rating Drivers
The rating is in line with Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+', which is on Stable Outlook.
The rating is sensitive to any changes in Nigeria's Long-Term Foreign-Currency IDR.
Fitch stabilised the Outlooks on Nigeria's Long-Term Foreign-Currency and Local-Currency IDRs and affirmed the Long-Term IDRs at 'B+' on 2 November 2018.