S&P rates Nigeria bonds BB-

Standard & Poor's said it assigned its BB- long-term senior unsecured debt rating to the proposed bond to be issued by the Republic of Nigeria (BB-/stable/B).

The ratings on Nigeria are constrained by its low per capita income and significant infrastructure shortfalls. The country's weak - albeit strengthening - institutions and internal political tensions also constrain the ratings, S&P said.

The ratings are supported by strong GDP growth and relatively low fiscal and external debt stock. Generous oil reserves and current high petroleum prices support both exports and government revenues, the agency added.

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