Fitch affirms Kwara

Fitch Ratings said it affirmed the Nigerian State of Kwara's long-term foreign- and local-currency ratings at B+ and national long-term rating at AA-(nga).

The outlook is stable.

The ratings could be upgraded going forward if the increase of own-source revenue provides more budget flexibility in combination with debt growth below expectations, Fitch said.

Conversely, the ratings could be downgraded if its spending proves to be more rigid than expected, raising expectations that the operating margin could fall below the 35% average posted over the last few years, the agency said.

Kwara continues to post strong operating performances, Fitch added.

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