Fitch ups Bayelsa to positive

Fitch Ratings said it revised the outlook on Nigerian State of Bayelsa's national long-term rating to positive from stable and affirmed its long-term foreign- and local-currency ratings at B and national long-term rating at A-(nga).

The outlook revision reflects a stronger-than-expected budgetary performance in 2010 as a result of rising oil prices in a context of declining operating costs, Fitch said.

Bayelsa continues to exhibit a satisfactory operating performance, supported by high oil-related revenues and stable financial debt levels, the agency said, despite weak socioeconomic indicators.

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