Moody’s assigns B1 to Nigeria bond

Moody's Investors Service said it assigned a provisional senior unsecured B1 rating to the proposed Government of Nigeria's diaspora bond.

Notes under the proposed diaspora bond are direct, general, unconditional, unsecured and unsubordinated obligations of the Federal Government of the Republic of Nigeria and will rank pari passu with all other unsecured external debt obligations of the issuer.

The proposed notes are governed by New York Law and terms of the notes contain a negative pledge provision.

Moody’s said the provisional B1 rating mirrors the Federal Government of Nigeria's B1 (stable) issuer rating, which reflects its current weak economic growth dampened by the low oil price environment.

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