Rating Release

Agusto & Co. hereby affirms the “Aa” rating assigned to the Lagos State Government’s (“Lagos State”, “LASG”, “the Issuer” or “the State”) ₦115 Billion Series I 10-Year 15.25% Fixed Rate Bond Due 2033 (“Series I”, “the Issue” or “the Bond”) under its ₦1 Trillion Debt and Hybrid Instruments Issuance Programme.

The rating expires on 30 September 2026. 

Agusto & Co. hereby affirms the “Aa” rating assigned to the Lagos State Government’s (“Lagos State”, “LASG”, “the Issuer” or “the State”) ₦115 Billion Series I 10-Year 15.25% Fixed Rate Bond Due 2033 (“Series I”, “the Issue” or “the Bond”) under its ₦1 Trillion Debt and Hybrid Instruments Issuance Programme. The assigned rating reflects our opinion on the State’s strong capacity to service the Series I Bond obligations (coupon and principal) jointly from its Consolidated Debt Service Account (funded through its internally generated revenue) and the Irrevocable Standing Payment Order (ISPO) approved by the Federal Ministry of Finance, which authorises monthly deduction (as a first-line charge) from LASG’s share of centrally collected revenue.