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Fitch begins Lagos Rating Review exercise, DMO classifies State as Top-Level player in Nigeria Capital Market

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Lagos State Governor Babajide Sanwo-Olu

SAT 06 MARCH, 2021-theGBJournal- The Permanent Secretary, Debt Management Office (DMO), Mr. Olujimi Ige, has described the Lagos State Government as a responsible issuer and player in the Nigerian Capital Market, just as he disclosed that the international renowned Fitch Rating Agency has initiated the process of reviewing the State’s ratings for Y2021.

Ige said there is no doubt that Lagos State is financially responsible and this is underscored by its high credit ratings, nationally and internationally, adding that the State’s Fitch Rating for Y2018 was B+ (Stable), Y2019 was B+ (Negative) while Y2020 was B+ (stable).

While emphasising that Lagos State Government will continue to service its debts as and when due, the Permanent Secretary disclosed that Fitch has requested for a discussion on preliminary data for Y2021 with a prospect for a favourable rating.

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