Lagos Outlook Rated Negative

Fitch Ratings has affirmed Lagos state’s long-term foreign and local currency issuer default ratings at ‘B+’ with negative outlook and short-term foreign currency IDR at ‘B’, FinancialWatch reported. The national long-term rating has been affirmed at ‘AA+(nga)’, with a stable outlook. The ratings on the state’s MTN program as well as senior unsecured bonds have also been affirmed at ‘B+’. The affirmation reflects the Nigerian capital city’s weak socio-economic indicators by international standards. It also reflects Fitch’s expectations of resilient operating performance in the medium term and adequate transparency compared with national standards and satisfactory debt metrics.