Fitch rates Nigeria bonds BB-

Fitch Ratings said it assigned Nigeria's upcoming dollar-denominated bond issue an expected BB-(EXP) rating.

The rating is in line with Nigeria's BB- long-term foreign currency issuer default rating, on which the outlook is stable.

Fitch said Nigeria's rating is supported by its substantial energy endowment and strong sovereign and overall external balance sheets. Public debt is low, estimated at just over 20% of GDP on a general government basis at the end of 2012.

GDP growth has proven robust to both the global financial crisis and eurozone crisis and has been driven primarily by the non-oil sector, the agency said. Structural reforms are making progress in the critical electricity sector, which should raise future growth potential above the 7% average of the past five years.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.