Rating Release

Agusto & Co. hereby affirms the “Aa “rating assigned to the Lagos State Government’s (“Lagos State”, “Lagos”, “LASG”, “the State” or “the Issuer”) ₦38.7 billion 10-Year 17.25% Bond Due 2027 (Series II Tranche II) and ₦5.34 billion 9 7 12 Year 15.85% Bond Due 2027 (Series II Tranche IV) under the ₦97.3 billion Series II Tranches I – IV Bonds

The rating expires on 30 September 2026. 

Agusto & Co. hereby affirms the “Aa “rating assigned to the Lagos State Government’s (“Lagos State”, “Lagos”, “LASG”, “the State” or “the Issuer”) ₦38.7 billion 10-Year 17.25% Bond Due 2027 (Series II Tranche II) and ₦5.34 billion 9 7 12 Year 15.85% Bond Due 2027 (Series II Tranche IV) under the ₦97.3 billion Series II Tranches I – IV Bonds. The rating affirmation underlines the continuous fulfilment of the Irrevocable Standing Payment Order (ISPO) authorising the monthly deduction of ₦1 billion from the State’s share of centrally collected revenue (statutory allocation) into a dedicated Sinking Fund Account (SFA) towards meeting the Series II Bond obligations.