Fitch Rates Nigeria's USD Notes 'B+'

Fitch Ratings has assigned Nigeria's USD1 billion 15-year 7.875% senior unsecured notes a final rating of 'B+'. The final rating replaces the expected rating that Fitch assigned on 6 February 2017.

The rating is in line with Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+', which has a Negative Outlook. The rating is sensitive to changes in Nigeria's Long-Term Foreign-Currency IDR.

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

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