Rating Release

Agusto & Co. hereby affirms the “Aa” rating assigned to the Lagos State Government’s ₦14.815 billion Series III Five-Year 16% Fixed Rate Green Bond Due 2030, with a stable outlook 

The rating expires on 30 September 2027. 

Agusto & Co. hereby affirms the “Aa” rating assigned to the Lagos State Government’s (“Lagos State”, “Lagos”, “LASG”, “the State” or “the Issuer”) ₦14.815 billion Series III Five-Year 16% Fixed Rate Green Bond Due 2030 (“Series III”, “the Issue”, “the Green Bond” or “the Bond”) under its ₦1 Trillion Debt and Hybrid Instruments Issuance Programme. The rating affirmation reflects the adequacy of the Series III Sinking Fund Account (SFA), supported by regular monthly contributions from LASG’s Consolidated Debt Service Account (CDSA) and an Irrevocable Standing Payment Order (ISPO) approved by the Federal Ministry of Finance. The rating is further supported by LASG’s strong and sustainable internal revenue-generating capacity, upheld by its broad tax base, efficient revenue collection framework and diversified economy.