Fitch trims Seplat to B-

Fitch Ratings said it downgraded Seplat Energy plc's long-term issuer default rating and senior unsecured rating to B- from B. The recovery rating is RR4.

The downgrade follows a similar action on Nigeria's long-term IDRs to B- from B and the country ceiling to B- from B, the agency said.

“Seplat's long-term foreign-currency IDR is capped at Nigeria's country ceiling due to limited offshore structural enhancements. The rating also takes into account the concentration of the company's asset base in Nigeria and its exposure to the Nigerian operating environment,” Fitch said in a press release.

The outlook is stable.

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