Fitch changes Nigeria outlook to negative

Fitch Ratings said it affirmed Nigeria's long-term foreign and local currency issuer default ratings at BB- and BB, respectively, and revised the outlooks on the long-term issuer default ratings to negative from stable.

The issue ratings on Nigeria's senior unsecured foreign currency bonds were affirmed at BB-, the country ceiling at BB- and the short-term foreign currency issuer default rating at B.

Fitch said political uncertainty is heightened in the context of a tightly contested presidential election and potential transition issues. The polls were officially delayed due to security concerns stemming from Boko Haram activity, however violence was very limited on Election Day and challenges were largely technical in nature.

The government has made gains in the past few months in the fight against Boko Haram, but this follows a period in which the group seized large parts of the northeast, where the threat remains largely contained, the agency said.

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