Fitch rates Ecobank Nigeria B-

Fitch Ratings said it gave Ecobank Nigeria Ltd.’s planned dollar-denominated senior unsecured notes an expected B- rating with a recovery rating of RR4. Ecobank’s special purpose vehicle EBN Finance Co. BV will issue the notes.

“The rating of the notes is solely driven by ENG's long-term issuer default rating (IDR) of B-. This reflects Fitch's view that default of these senior unsecured obligations would reflect a default of ENG in accordance with Fitch's rating definitions and the transaction documents described in the prospectus,” the agency said in a press release.

The proceeds will be used for general-banking purposes, including providing the bank with stable medium-term funding.

The outlook is stable.

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