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Fitch Assigns Rivers State's Notes 'B+'/'AA-(NGA)'
Newsdiaryonline Fri Nov 25,2011
Gov Amaechi of Rivers state
Fitch Ratings-Milan/Barcelona-14 November 2011: Fitch Ratings
has assigned Nigeria's Rivers State upcoming maximum NGN150bn
five-year fixed rate bond a preliminary Long-term local currency
rating at 'B+' and
National Long-term rating at 'AA-(NGA)'.
The final ratings are contingent upon the receipt of the final
documents confirming the information already received.
The notes are expected to be issued by the end of 2011. The
proceeds will be used to finance new investments.
Rivers is located in the south of Nigeria with a population of
five million inhabitants (accounting for about 4% of the
national total). Due to the concentration of oil production in
the GDP composition, the state is one of the richest in the
country. Per capita GDP is estimated at about NGN600,000
(EUR3,000; USD4,000).
Th
This is the document referred to in the Witness
Statement on Oath of Clifford O. Kokogho as
“Exhibit
COK.2”
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