Fitch downgrades Lagos

Fitch Ratings said it downgraded the Lagos State's long-term local-currency issuer default rating to B+ from BB-.

The outlook is stable.

The downgrade follows the recent downgrade of Nigeria.

The ratings on local and regional governments are constrained by the sovereign’s ratings, Fitch explained.

The region also has a long-term foreign-currency issuer default rating of B+, short-term foreign-currency issuer default rating of B, national long-term rating of AA+(nga) and AA+(nga) rating on its local-currency senior unsecured bonds.

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