Fitch rates Nigeria notes BB-

Fitch Ratings said it assigned Nigeria's upcoming $500 million 10-year eurobond a BB- rating.

The outlook is negative.

The rating is in line with Nigeria's BB- long-term foreign currency issue default rating, Fitch said.

Nigeria's ratings continue to be supported by robust growth, low external and public debt ratios and strong external liquidity, Fitch said.

The negative outlook reflects concerns about the depletion of the excess crude account and of official reserves in 2010 despite a rise in oil prices and production as well as the inability so far to address the critical infrastructure problem, the agency said.

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