Fitch rates Akwa Ibom B+

Fitch Ratings said it assigned the Nigerian State of Akwa Ibom long-term foreign- and local-currency ratings of B+ and a national long-term rating of AA-(nga).

The outlook is stable.

The ratings reflect a strong operating performance supported by a high level of oil-related revenue and moderate debt, Fitch said.

The ratings also consider the state's weak socioeconomic indicators, revenue concentration and volatility, the agency said, as well as developing financial management.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.