Fitch Ratings has withdrawn the Nigerian State of Kwara's Long-Term foreign and local currency ratings of 'B+' and Long-Term National Rating of 'AA-(nga)'with Stable Outlooks. The agency has simultaneously withdrawn the Long-term ratings of 'B+' and 'AA-(nga)' on the NGN17bn bond maturing in 2014.

KEY RATING DRIVERS

The withdrawal follows the issuer's decision to stop participating in the rating process. Fitch will no longer provide ratings or analytical coverage of Kwara State.

Kwara is located in central Nigeria, between Lagos and Abuja. The state has a population of about 3 million and a per capita GDP of about NGN130,000 (EUR700; USD1,000) while the unemployment rate is roughly 10%. Commercial farming and other industrial initiatives support the state's GDP growth prospects.

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Fitch Ratings' Decision on Kwara Shows Dire Financial Condition - ACN