Fitch Revises Nigerian State of Lagos' Outlook to Negative; Affirms at 'BB-'

Fitch Ratings has revised the Outlook on the Nigerian State of Lagos' Long-term foreign currency Issuer Default Rating (IDR) to Negative from Stable. The agency has also affirmed the Long-term foreign and local currency IDRs at 'BB-' and its National Long-term rating at 'AA+(nga)'. The Outlooks on the local currency IDR and on the National Long-term rating remain Stable. 


The next scheduled review date for Fitch's ratings on Lagos State was originally 11 September 2015. However, following the downgrade of Nigeria's Outlooks we have taken a similar rating action on Lagos State as the issuer is rated at the same level as the sovereign for the Long-term foreign currency IDR.

KEY RATING DRIVERS
The rating action on Lagos follows the same on Nigeria's sovereign Long-term IDR's Outlook on 30 March
The rating action reflects the application of Fitch's 'International Local and Regional Governments Rating Criteria - Outside United States', according to which subnationals' ratings usually cannotbe higher than their sovereign.

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