Fitch affirms Lagos

Fitch Ratings said it affirmed the Nigerian State of Lagos's long-term foreign- and local-currency ratings at BB-, short-term rating at B and national long-term rating at AA(nga).

The outlook on the long-term foreign-currency is negative as it mirrors that on the Nigerian sovereign, Fitch said.

The outlooks on the long-term local-currency and national long-term rating are stable.

The ratings reflect the continued good operating performances of the state, coupled with the economy's dynamic growth, the agency said.

The ratings also consider the growing debt and investment spending amid rising operating costs, Fitch said.

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