Fitch withdraws Rivers State expected notes’ rating
Fitch Ratings has withdrawn Rivers State proposed maximum NGN100bn five-year fixed rate bond's Long-term local currency 'B+(EXP)' and National Long-term 'AA-(nga)(EXP)' expected ratings after the state failed to issue the instrument within Fitch's 90 day validity period.
The bond was scheduled to be issued between September and November 2012.However, Rivers State has postponed the scheduled issue to 2013.
Rivers State is rated Long- term foreign and local currency rating 'B+' with Positive Outlooks and National Long-term rating 'AA-(nga)' with a Stable Outlook. The state is located in the south of Nigeria with a population of 5.6 million inhabitants (accounting for about 4% of the national total).
However, the state is one of the richest in the country due to the concentration of oil production. Per capita GDP is about NGN700,000.
The expected ratings assigned at end-August