Reuters
6 March 2012
Fitch Ratings has revised the Outlook on Akwa Ibom (AK) state' s Long-Term foreign and local currency ratings to Positive from Stable and affirmed the ratings at ' B+' . The rating agency has simultaneously affirmed the National Rating at ' AA-(nga)' , with Stable Outlook.
The Outlook revision reflects the subsiding restiveness in the Niger Delta region and buoyant market oil prices resulting in resilient oil-related revenues offsetting growing operating costs amid weak socio-economic indicators by international standards.
The ratings could be upgraded if budgetary performance remains strong, in line with Fitch' s expectations and improving financial disclosure. Budgetary performances weakening beyond Fitch' s expectations and/or a resurgence of local unrest undermining oil-revenue generation could lead to a revision of the Outlook to Stable or a downgrade.
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