Fitch rates Rivers bond B+

Fitch Ratings said it assigned a preliminary B+ long-term local-currency rating and a preliminary AA-(nga) national long-term rating to the up to NGN 150 billion of five-year fixed-rate bonds to be issued by Nigeria's Rivers State.

The agency said the notes are expected to be issued by the end of 2011. The final ratings are contingent upon the receipt of the final documents.

The proceeds will be used to finance new investments.

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