GCR places Lagos State Government of Nigeria’s national scale rating on ‘Rating Watch’
Lagos Nigeria, 14 March 2019 — Global Credit Ratings (“GCR”) has placed Lagos State Government of Nigeria’s (“the State”) long term national scale rating of A+(NG) on Rating Watch. Concurrently, the national scale ratings accorded to the following bond Issuances were also placed on Rating Watch:
– Programme 2 Series 1 N80bn Fixed Rate Bond AA-(NG)
– Programme 2 Series 2 N87.5bn Fixed Rate Bond AA-(NG)
– Programme 3 Series 1 N47bn Fixed Rate Bond AA-(NG)
– Programme 3 Series 2 N94.7bn Fixed Rate Bond AA-(NG)
The rating actions followed concerns arising from the non-payment of obligations of the State under the Municipality Waste Management Contractors Limited’s Series 1 (Tranche A-C) Notes, of which the State has provided an irrevocable standing payment order.
GCR is far advanced with the rating review of the State and expects to publicly release the updated ratings by 31 March 2019.
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