Fitch Ratings has assigned Nigeria's upcoming senior unsecured US dollar-denominated notes an expected rating of 'B+(EXP)'.

The assignment of the final ratings is contingent on the receipt of final documents materially conforming to information already reviewed.

KEY RATING DRIVERS

The expected rating is in line with Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B+', which is on Stable Outlook.

RATING SENSITIVITIES

The rating is sensitive to any changes in Nigeria's Long-Term Foreign-Currency IDR.

Fitch stabilised the Outlooks on Nigeria's Long-Term Foreign-Currency and Local-Currency IDRs and affirmed the Long-Term IDRs at 'B+' on 2 November 2018.