Fitch revises Benue outlooks to positive

Fitch Ratings has revised the outlook on Benue State’s Long-Term Issuer Default Rating (IDR) to positive from Stable and affirmed the IDR at “B-“.

Fitch also revised the outlook on Benue’s National Long-Term Rating to Positive from Stable and affirmed the rating at “A-(nga)”.

The revision of the outlooks reflects Benue’s improved fiscal performance in all indicators, as its IDRs are aligned with Nigeria’s (B-/Positive).

The “b-” Standalone Credit Profile (SCP) reflects Benue’s volatile operating balance and rising adjusted.

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Dr Raymond Asemakaha, the MD/CEO of Benúe Investment and Property Company (BIPC), in a statement on Tuesday, said that the rating reflected Fitch’s assessment of the state’s creditworthiness and highlighted its ability to meet its financial obligations.

He said, “This acknowledgement stands as a testament to the deliberate commitment of the Executive Governor of Benue State, Rev Fr Hyacinth Iormen Alia, to implementing sound fiscal policies, promoting transparency and fostering economic growth.

“The “A-” rating grade offers numerous benefits and opportunities for Benue State, potential investors and the Nigerian economy as a whole. This rating indicates an acceptable level of creditworthiness, which can be vital in attracting investments, encouraging economic development, and building sustainable partnerships.”