Fitch Ratings has assigned Nigeria’s $1.5 billion 6.5 per cent Senior Unsecured Notes due November 28, 2027 and $1.5 billion 7.625 per cent Senior Unsecured Notes due November 28, 2047 the final rating of ‘B+’.
The final rating replaces the expected rating of ‘B+ (EXP)’ that Fitch assigned on November 15.
The expected rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a negative outlook.
The rating, Fitchsaid, was sensitive to any changes in Nigeria’s Long-Term Foreign-Currency IDR.
Also, on August 31, Fitch affirmed Nigeria’s Long-Term Foreign-Currency IDR at ‘B+’ with a negative outlook. The Long-Term Local-Currency IDR is also ‘B+’ with a negative outlook.
Data released by the Debt Management Office (DMO) showed that Eurobonds account for 21.5 per cent of Nigeria’s $15.35 billion foreign debt and 53 per cent of debt service payments in the third quarter.
Total domestic debt stood at N15.68 trillion as at September, compared with N13.35 trillion last year.
Multilateral loans, including financing from the World Bank, accounted for 64.5 per cent of foreign loans while bilateral loans with China and other countries make up 14 per cent.