Fitch lifts Nigeria local-currency rating to BB

Fitch Ratings said it upgraded the Federal Republic of Nigeria's long-term local-currency issuer default rating to BB from BB- and affirmed its long-term foreign-currency issuer default rating at BB-, the short-term rating at B and the country ceiling at BB-.

The outlook is stable.

The agency said the upgrade of the long-term local currency rating reflects the impressive development of the local-currency debt market since the rating was first assigned in January 2006, improvements in debt management capacity, the relatively low level of domestic debt in relation to GDP and monetary aggregates and Nigeria's good inflation record.

The ratings continue to be constrained by a low level of economic and social development relative to Nigeria's rating peers, as well as by structural and institutional weaknesses that prevent the country from making faster progress on development, Moody's said.

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