Rating Release

Agusto & Co. hereby affirms the “Aa” rating assigned to the Lagos State Infrastructure Sukuk SPV Plc’s (“LASGIS SPV Plc”, “the Issuer”, “SPV” or “the Company”) ₦19.815 Billion Seven-Year 14.675% Fixed Return Forward-Ijarah Lease Sukuk Due 2030 (“Series II”, “Sukuk”, “the Issue” or Notes”) under the Lagos State Government’s (“LASG”, “Lagos State”, “the State” or “Originator”) ₦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 Infrastructure Sukuk SPV Plc’s (“LASGIS SPV Plc”, “the Issuer”, “SPV” or “the Company”) ₦19.815 Billion Seven-Year 14.675% Fixed Return Forward-Ijarah Lease Sukuk Due 2030 (“Series II”, “Sukuk”, “the Issue” or Notes”) under the Lagos State Government’s (“LASG”, “Lagos State”, “the State” or “Originator”) ₦1 Trillion Debt and Hybrid Instruments Issuance Programme. The rating affirmation reflects the adequacy of the Series II Sukuk Sinking Fund Account (SFA), supported by the consistent fulfilment of the Irrevocable Standing Payment Order (ISPO) approved by the Federal Ministry of Finance, which authorises the monthly deductions of ₦200 million from the State’s statutory allocation, alongside regular monthly remittances from the LASG’s Consolidated Debt Service Revenue Account (CDSA).