Fitch Rates Nigeria’s Upcoming Eurobound B+
Fitch Rates Nigeria’s Upcoming 1 Billion Eurobound B+
According to Fitch Ratings, Monday, Nigeria’s upcoming $1 billion Eurobond is B+ which is the lowest investment grade rating. This grade means that Nigeria’s economy is faulty and therefore would have to pay a higher premium. Paying a higher premium for bond issue is the only way for investors to invest.
According to a report from This Day, The proceeds, along with those from a $1 billion loan Nigeria will seek from the World Bank, will be used to fill the government’s funding gap as it battles plummeting revenue from oil exports and shortages of fuel and foreign-currency.