On Friday, July 28, Fitch Ratings confirmed the long-term default rating of foreign and local currency issuers (IDR) in the Nigerian state of Kaduna to “B-” with a stable outlook.

The confirmed “B-” grade reflects the continued high dependence, but e, of Kaduna's income on transfers from the central government despite the increase in internally generated revenue (IGR). Also, the ratings take into account the increasing debt of the State, caused by the depreciation of the naira on external debt with multilateral lenders. The IDR “B-” reflects Kaduna's own ability to pay, while the central government's debt service support through deductions from the statutory allowance is taken into account as part of the