Fitch Ratings has assigned Nigeria’s upcoming dollar-denominated senior unsecured bonds a ‘B+(EXP)’.
This indicates that the relative stability in the foreign exchange market with reversal in the gross domestic products, did not reflect in the expectations for the bond offer.
On January 24, 2017, Fitch affirmed Nigeria’s long-term foreign-currency IDR at ‘B+’ and revised the outlook to negative from stable.
The long-term local-currency IDR was also ‘B+’ with a negative outlook, all reflecting insecurity in the foreign exchange market.
The rating is sensitive to changes in Nigeria’s Long-Term Foreign-Currency IDR.