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”) ₦100 billion 12.25% Ten-Year Fixed Rate Series III Bond Due 2030 (“the Issue” or “the Bond”)

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”) ₦100 billion 12.25% Ten-Year Fixed Rate Series III Bond Due 2030 (“the Issue” or “the Bond”). The rating reflects Lagos State’s strong and sustainable internally generated revenue (IGR), underpinned by its expanding tax base, efficient collection system and diversified economy. The rating is further supported by the adequate Sinking Fund Account (SFA) balance on the back of the monthly Irrevocable Standing Payment Order (ISPO) deduction of ₦1 billion from the State’s centrally collected revenue (statutory allocation) and ₦694.4 million in monthly IGR inflows, which ensures the timely servicing of the Bond’s (coupon and principal) obligations.