Rating Release

Agusto & Co. hereby affirms the “Aa “rating assigned to the Lagos State Government’s ₦230 billion Series IV: 10-Year 16.25% Fixed Rate Bond Due 2035, 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”, “LASG”, “the Issuer” or “the State”) ₦230 billion Series IV: 10-Year 16.25% Fixed Rate Bond Due 2035 (“Series IV”, “the Issue” or “the Bond”). The rating reflects the State’s strong capacity to meet the Bond’s obligations, underpinned by its robust internally generated revenue, sizeable statutory allocations and broad economic base. The rating is further supported by the adequate Sinking Fund Account (SFA) balance, sustained by monthly Irrevocable Standing Payment Order (ISPO) deductions from the State’s centrally collected revenue (statutory allocations) and monthly contributions from the Consolidated Debt Service Account (CDSA), which ensure the timely servicing of the Bond’s obligations.