Fitch: Lagos up to stable

Fitch Ratings said it has revised Lagos State's long-term foreign currency outlook to stable from negative.

It has also simultaneously affirmed Lagos' long-term foreign and local currency ratings at BB-, short-term foreign currency rating at B, national rating at AA(nga) with stable outlooks, as well as the long-term ratings of BB- and AA(nga) of the state's bonds maturing in 2014 and 2017, the agency said.

According to Fitch, the outlook revision on the foreign currency rating follows the revision of Nigeria's outlook on Oct. 21.

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