Fitch rates Bank of Industry notes B

Fitch Ratings said it assigned Bank of Industry Ltd.'s senior note participation notes an expected long-term rating of B with an RR4 recovery rating. Special purpose vehicle BOI Finance BV, established solely to provide funding for BOI, will issue the notes.

Fitch affirmed Nigeria-based BOI's long-term issuer default rating at B with a stable outlook. “The notes' expected rating is in line with BOI's and Nigeria's long-term IDRs of B due to the transaction's features,” Moody’s said in a press release.

BOI Finance will use the proceeds to purchase a senior note issued by BOI. BOI's financial obligations under the senior note will be guaranteed by the Federal Government of Nigeria.

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