Fitch affirms Nigeria

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

The outlook is stable.

Nigeria's strong sovereign balance sheet is the main support to its ratings, Fitch said.

Although weakened by a major reserve loss since September 2008, its balance sheet still stands out amongst its rating peers, the agency said.

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