Fitch downgrades Lagos

Fitch Ratings said it downgraded Lagos State’s long-term foreign-currency issuer default rating to B+ from BB- with a stable outlook.

The deviation of the regularly scheduled review of Lagos was due to the recent sovereign downgrade of Nigeria, Fitch said.

Lagos’s ratings are capped by the sovereign and its ratings follow the ratings of the sovereign, the agency said.

The state’s short-term foreign-currency issuer default rating was affirmed at B, national long-term rating at AA+(nga) and the BB- issuer rating on its senior unsecured bonds, Fitch said.

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