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.
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.