Fitch Rates Nigeria's USD Notes Final 'B' Plus

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.

Rating Sensitivities

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.

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